Overseas Merchandise Trade: March 2016
Embargoed until 10:45am – 27 April 2016

Key facts
March 2016 quarter:
Values are seasonally adjusted and compared with the December 2015 quarter.
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Exports fell 1.2 percent (to $11.9 billion).
Meat and edible offal led the fall, down 17 percent ($300 million), with the quantity exported down
16 percent.
Imports fell 3.2 percent (to $12.8 billion).
The quarterly trade deficit was $944 million (7.9 percent of exports).

March 2016 month:
Values are actual and compared with the March 2015 month.
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Exports fell 14 percent (to $4.2 billion), led by a fall in milk powder.
A large drilling platform, worth $199 million, was exported in March 2015 and caused a fall in
export value.
Imports fell 3.7 percent (to $4.1 billion).
The monthly trade balance was a surplus of $117 million (2.8 percent of exports).

Liz MacPherson, Government Statistician
ISSN 1178-0320
27 April 2016

 Commentary
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Quarterly exports fall 1.2 percent
Quarterly imports fall 3.2 percent
Goods trade deficit in March 2016 quarter
Monthly exports fall 14 percent
Monthly imports fall 3.7 percent
Goods trade surplus in March 2016
Exchange rate movements
Find data tables

This commentary refers to trade in goods only.
See Goods and Services Trade by Country: Year ended December 2015 for information on trade
in goods and services.

Quarterly exports fall 1.2 percent
The seasonally adjusted value of exported goods fell 1.2 percent ($145 million) to $11.9 billion in
the March 2016 quarter. This followed a 5.8 percent fall in the December 2015 quarter.

Meat and edible offal leads fall in seasonally adjusted exports
Comparisons are between the March 2016 quarter and the December 2015 quarter.

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 Meat and edible offal led the fall this quarter, down 17 percent ($300 million) to $1.5 billion,
following a 3.6 percent fall in the December 2015 quarter. Compared with the March 2015
quarter, values are down 11 percent, while compared with the March 2014 quarter, values are up
0.8 percent. The quantity exported fell 16 percent this quarter from the series peak in the
December 2015 quarter. Top destinations for meat and edible offal exports were the USA and
China.
Milk powder, butter, and cheese (our largest export commodity group) fell 6.4 percent ($181
million). This follows a 6.7 percent fall in the December 2015 quarter. The quantity exported in
the March 2016 quarter fell 8.2 percent.
Crude oil (not seasonally adjusted) fell $91 million (56 percent), with the quantity exported down
46 percent. This follows a 13 percent fall in value in the December 2015 quarter.
Other key changes in commodity group export values:
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Casein and caseinates fell 21 percent ($57 million), with quantity exported down 16
percent.
Logs, wood, and wood articles rose 4.9 percent ($44 million).
Wool rose 23 percent ($38 million), with quantity exported up 28 percent.

Quarterly exports to China fall
In the March 2016 quarter, compared with the December 2015 quarter, the top export
destinations (ranked by total annual exports) for New Zealand were:
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China – down 8.0 percent ($175 million) to $2.0 billion.
Australia – up 2.5 percent ($51 million) to $2.1 billion.
European Union (EU) – down 5.2 percent (71 million) to $1.3 billion.

Quarterly imports fall 3.2 percent
The seasonally adjusted value of imported goods fell 3.2 percent ($426 million) to $12.8 billion in
the March 2016 quarter. This followed a 3.9 percent ($532 million) fall in the December 2015
quarter.
Excluding large one-off imports, the seasonally adjusted value of imported goods fell 1.2 percent
in the March 2016 quarter, and follows a 2.6 percent fall in the December 2015 quarter.
The trend for imports has now fallen for the second successive quarter. Prior to the December
2015 quarter it had been rising since the March 2013 quarter. The trend calculation excludes
large import items.

3

 Capital goods lead the fall in seasonally adjusted quarterly imports
Of the three main broad import categories, capital goods decreased in value in the March 2016
quarter, while intermediate goods and consumption goods increased in value.

4

 Capital goods fell 19 percent ($566 million) in the March 2016 quarter, following a 10 percent
fall in the December 2015 quarter. Industrial transport equipment (down $409 million) and
machinery and plant (down $157 million) both fell in the March 2016 quarter. The movements for
both quarters were influenced by aircraft imports in July, August, and November 2015.
Intermediate goods showed little change, up 0.5 percent ($26 million) in the March 2016
quarter, following a 2.8 percent fall in the December 2015 quarter. Fuels and lubricants (other
than motor spirit) and processed food and beverages for industrial use (such as sugar and
vegetable oils) increased in the March 2016 quarter, while parts and accessories of transport
equipment (such as aircraft parts), crude oil, and parts and accessories of capital plant (such
as mechanical machinery and equipment) decreased.
Consumption goods increased 1.1 percent ($40 million) in the March 2016 quarter, following a
decrease of 0.3 percent in the December 2015 quarter. Processed food and beverages for
household consumption, and durable consumer goods (such as electrical equipment) led the
rise, but were offset by a fall in non-durable consumer goods (such as tobacco).
In other categories of goods:
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Passenger motor cars increased 4.1 percent ($45 million) in the March 2016 quarter,
following a 1.4 percent rise in the December 2015 quarter.
Petrol and avgas, which is not seasonally adjusted, decreased 1.5 percent ($3.1 million),
following a 24 percent fall in the December 2015 quarter.

5

 Imports from Australia and China rise despite overall fall in seasonally adjusted
imports
In the March 2016 quarter, compared with the December 2015 quarter, the movements in
seasonally adjusted values for the top import sources (ranked by total annual imports) for New
Zealand were:
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China – up 0.9 percent ($24 million) to $2.7 billion, following a 0.7 percent fall in the
December 2015 quarter.
European Union (EU) – down 2.7 percent ($63 million) to $2.3 billion, following a 0.7
percent rise in the December 2015 quarter.
Australia – up 14 percent ($220 million) to $1.8 billion, following a 1.7 percent rise in the
December 2015 quarter.

The movements in quarterly import values (which are not seasonally adjusted) for New Zealand’s
two other major trading partners were:
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United States– down 30 percent ($509 million) to $1.2 billion, following a 10 percent fall
in the December 2015 quarter.
Japan – down 10 percent ($94 million) to $805 million, following a 3 percent rise in the
December 2015 quarter.

Goods trade deficit in March 2016 quarter
In the March 2016 quarter, the seasonally adjusted trade deficit was $944 million, equivalent to
7.9 percent of exports. In the December 2015 quarter the deficit was $1.2 billion (10 percent of
exports).

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 Monthly exports fall 14 percent
In March 2016, goods exports were valued at $4.2 billion, down $701 million (14 percent) from
March 2015.

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 Milk powder, butter, and cheese leads fall in exports
Milk powder, butter, and cheese (our largest export commodity group) fell $355 million (29
percent) to $861 million in March 2016 compared with March 2015. The fall was primarily led by
a large fall in whole milk powder, down $234 million (42 percent), with quantity down 41 percent.
Milk fats (including butter) fell $51 million (22 percent) and cheese fell $19 million (11 percent).
Ships, boats, and floating structures fell $218 million (98 percent) in March 2016. The fall
was due to exporting a large drilling platform, worth $199 million, in March 2015. Excluding the
drilling platform, overall exports fell $502 million (11 percent).
Meat and edible offal fell $169 million (21 percent) to $658 million in March 2016 compared with
March 2015. March 2015 was the series peak. The fall was led by beef, down $102 million (28
percent), with the quantity exported down 25 percent. Beef exports to the USA fell $69 million (32
percent). Lamb exports fell this month, down $62 million (17 percent), with the quantity exported
down 11 percent. Lamb exports to China fell $34 million (34 percent).
Fruit rose $45 million (44 percent) to $148 million, with quantity exported up 19 percent. The rise
was led by gold kiwifruit, up $29 million, and royal gala apples, up $16 million.
Kiwifruit values may be revised after this release due to delayed shipments.
For March 2016, other key changes in commodity group export values were:
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casein and caseinates – down $63 million (45 percent)
logs, wood, and wood articles – up $37 million (11 percent)

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preparations of cereals, flour, and starch – up $33 million (46 percent).

Four of our top five export destinations fall in value
The monthly movements for New Zealand’s top export destinations (ranked by total annual
exports) in March 2016 compared with March 2015 were:
1. China – down $32 million (4.1 percent), due to falls in lamb, down $34 million, and milk
powder, down $28 million. Partly offset by rises in rough wood and crustaceans.
2. Australia – down $25 million (3.3 percent), primarily due to a fall in crude oil, down $34
million (82 percent). Food preparations for infant use rose $18 million.
3. United States – down $89 million (15 percent), due to falls in beef, down $69 million (32
percent), and casein, down $35 million (79 percent).
4. European Union (EU) – showed little change (down 0.2 percent). There were small rises
and falls for a variety of commodities, such as lamb, down $9.6 million, and fruit, up $7.4
million.
5. Japan – up $11 million (4.5 percent), led by a rise in fruit (up $18 million) and vegetables
(up $5.3 million). Partly offset by a fall in aluminium articles (down $7.9 million).
Kiwifruit values for Japan may be revised after this release due to delayed shipments.

Monthly imports fall 3.7 percent
In March 2016, imported goods were valued at $4.1 billion, down $157 million (3.7 percent) from
March 2015.

Capital goods lead the fall in monthly imports
Of the three main broad economic categories, capital and intermediate goods decreased in
value, while consumption goods increased in value compared with March 2015.

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 Capital goods fell $151 million (16 percent), due to a fall in transport equipment (such as
aircraft, buses, and goods vehicles), down $140 million (43 percent).
Intermediate goods fell $50 million (2.8 percent), due to a fall in crude oil. Intermediate goods
other than crude oil showed little change. Of these other intermediate goods, increases in a
range of commodities including parts and accessories of transport equipment (such as aircraft
parts), up $17 million, wheat (up $13 million), and plastics (up $10 million), were offset by
decreases in commodities such as fertilisers (down $62 million), soya bean and palm oil cake
(down $14 million), and petroleum oils (other than crude), down $7 million.
Consumption goods rose $38 million (3.7 percent). This was led by food and beverages for
household consumption, up $31 million, and non-durable consumer goods (such as essential oils
and cosmetics, tobacco, and retail medicines), up $23 million, but offset by a fall in semi-durable
goods (such as textiles and clothing), down $25 million.
In other categories of goods:
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passenger motor cars increased $5.8 million (1.6 percent) to $367 million.
petrol and avgas was unchanged at $61 million.

Four of our top five import partners have decreases in March 2016
The monthly movements for March 2016 for our top import partners (ranked by total annual
goods imports) were:
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China – down $18 million (2.6 percent), led by clothing (down $26 million), computers
(down $12 million), and fertilizers (down $7 million), but offset by rises in telephones and
cellphones (up $17 million).

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European Union – down $35 million (4.3 percent), led by buses (down $48 million),
aircraft (down $46 million), and electrical machinery and equipment (down $9 million).
Australia – up $85 million (18 percent), led by rises in food preparations (up $25 million),
crude oil (up $21 million), and wheat (up $13 million).
United States – down $68 million (14 percent), led by aircraft (down $20 million), motor
vehicles (down $13 million), and fertilizers (down $11 million).
Japan – down $9.0 million (3.0 percent), led by motor vehicles (down $16 million).

Goods trade surplus in March 2016
In March 2016, there was a goods trade surplus of $117 million (2.8 percent of exports). This
compares with an average surplus of 13 percent of exports for the previous five March months.
For the year ended March 2016, there was an annual trade deficit of $3.8 billion, the largest
rolling annual trade deficit since April 2009.

Exchange rate movements
The Reserve Bank’s trade weighted index (TWI) showed the New Zealand dollar was 0.2 percent
lower in March 2016 than February 2016, and 7.8 percent lower than in March 2015.

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 Index


Trade weighted index
Base: 31 October 2014 

ED

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2011

Find data tables

For more detailed data, see the Excel tables in the ?Downloads? box.

2012

2013

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2014

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Related links
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Next release
Past releases
Data quality
Related information

Next release
Overseas Merchandise Trade: April 2016 will be released on 25 May 2016.
Subscribe to information releases, including this one, by completing the online subscription form.
The release calendar lists all information releases by date of release.

Past releases
Overseas Merchandise Trade has links to past releases.
Goods and Services Trade by Country has annual goods and services trade in a single release.

Data quality
Period-specific information
Overseas Merchandise Trade: March 2016 – DataInfo+
Methodology used for this release and revisions to provisional values published in our previous
release.

General information
Overseas Merchandise Trade – DataInfo+
General methodology used to produce overseas merchandise trade statistics.
Overseas Merchandise Trade concepts – DataInfo+
Definitions of terms used in this release.
Principles and protocols for producers of Tier 1 statistics
Statistics in this release have been produced in accordance with the Official Statistics System
principles and protocols for producers of Tier 1 statistics for quality. They conform to the
Statistics NZ Methodological Standard for Reporting of Data Quality.

Related information
Global New Zealand
Comprehensive annual trade statistics.
Overseas Trade Indexes – information releases
Information on changes in the level of prices and volumes of New Zealand’s imports and exports.

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 Balance of Payments and International Investment Position – information releases
Information on the value of New Zealand's transactions with the rest of the world
and our international financial assets and liabilities.
Gross Domestic Product – information releases
Three-monthly snapshots represent the country's income earned from production in New
Zealand.
Economic Survey of Manufacturing – information releases
Economic indicators of how the manufacturing sector is performing.
Goods and Services Trade by Country – information releases
Comprehensive picture of economic trade between New Zealand and our main trading partners,
by combining information on commodities and service types.
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 Tables
See Overseas Merchandise Trade: March 2016 – tables (Excel, 22 sheets, 514kB) for the
following tables, which are also available from the ‘Downloads’ box on this page. If you have
problems viewing the files, see opening files and PDFs.
1.01

Overseas merchandise trade, actual values

1.02
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Overseas merchandise trade, trade balance – actual values
Overseas merchandise trade, seasonally adjusted and trend values – monthly
Exports by destination
Imports by country of origin
Exports of main commodities
Imports of main commodities
Imports by broad economic category (BEC) group
Exchange rates
Related series, livestock, cars, and crude oil
Exports and imports by Standard International Trade Classification (SITC)
Exports by top 10 HS categories, values – seasonally adjusted
Exports by top 10 HS categories, quantities – seasonally adjusted
Imports by selected HS categories, values – seasonally adjusted
Exports by top 10 HS categories, values – trend
Exports by top 10 HS categories, quantities – trend
Imports by selected HS categories, values – trend
Overseas merchandise trade, seasonally adjusted and trend values – quarterly
Exports by top 10 HS categories, values – seasonally adjusted – quarterly
Exports by top 10 HS categories, quantities – seasonally adjusted – quarterly
Imports by broad economic category (BEC) group, values – seasonally adjusted –
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quarterly

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resulting tables onscreen or download them.
Use Infoshare
For this release, select the following categories from the Infoshare homepage:
Subject category: Imports and Exports

Next release
Overseas Merchandise Trade: April 2016 will be released on 25 May 2016.

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