NZ exports to EU surge by $3b under free trade deal, says Government
New Zealand exports to the European Union have surged by $3 billion in two years under the New Zealand-European Union Free Trade Agreement.
The fall in exports in the latest quarter follows a 7.5% fall in the June 2014 quarter. Falls for both quarters were led by milk powder, butter, and cheese; and logs, wood, and wood articles.
"This is the first quarter since September 2013 where exports to Australia were greater than to China," international statistics manager Jason Attewell says. "China's rise to being our number one export market coincided with record dairy exports (driven by both prices and volumes) in the year to the September 2014 quarter."
The rise in imports was led by capital goods, mainly influenced by imports of large aircraft in the September 2014 quarter. The seasonally adjusted trade balance for the September 2014 quarter was a deficit of $1 billion, equivalent to 8.6% of exports.
For the September 2014 month, import values increased $927 million (23%) compared with September 2013, while exports fell $203 million (5.3%). The trade balance for the September 2014 month was a deficit of $1.4 billion (37% of exports).
