Imports continue upward trend

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th March 2002

Provisional estimates for February show New Zealand's trade is back in the black following the deficit recorded in January but imports continue to rise.

Latest figures put the provisional value of merchandise imports for February at $2.351 billion while the early estimate for exports is $2.62 billion.

The figures give an estimated trade surplus for the month of $269 million. Although that is less than the $369 million surplus recorded in February last year it reverses the January 2002 deficit of $265 million.

Statistics New Zealand says the imports trend indicates continued growth for the latest four months following falls for the previous four months.

Seasonally adjusted imports of consumption goods rose 9.4% in February compared with a 7.5% increase the previous month.

Excluding crude oil, goods imported for further processing fell 8% in value in the February following a rise of 7.9% the month before. Seasonally adjusted capital machinery and plant imports fell by 9.6%.

For the year ended February 2002, the provisional value of merchandise imports is $32.145 billion, an increase of 3.2% from the year before. Excluding items individually valued at $100 million or more, such as large aircraft and ships, the annual increase in merchandise imports was 5.1%.

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