New Zealandís Exports Decline

27 June 2012 01:30 - Phoebe Robinson

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New Zealandís Exports Decline 

The pace of Imports into New Zealand seems to have over taken the pace of exports, this contributed to the widening annual deficit of the country.  The countryís trade surplus narrowed in May as was forecasted.

New Zealandís largest source of income from exports is dairy and meat. Both these exports have declined as a consequence of weaker global prices for farm products.  Exports fell to $4.42 billion in May from $4.62 billion in May 2011, while imports rose to $4.11 billion from $4.07.

This has caused the monthly surplus in May to drop to $301 million from the previous months $335 million according to Statistics New Zealand. The annual gap widened to $810 million from $790 million.

Figures have shown that it is fact the countryís most valuable exports that have decreased in sales. For example meat exports that have had the largest fall; data shows they fell 13% from 2011. Milk powder, butter and cheese have also fallen 6.2%. Moreover forest products fell 19% and crude oil exports fell 20%. 

It is neighbouring Australia that are New Zealandís biggest importers and figures have shown that they took in 11% less of the islandís exports, though exports to china have risen recently.  Trade surplus in May came to 6.8% of exports down from 12% of exports in May 2011.

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Related Links:
• Statistics New Zealand
Ofiical Website
• Economic Calendar
Scheuled Economic Events

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