Fruit exports from New Zealand experienced a notable increase last month, with a $142 million jump, marking a 314% rise compared to October 2023. According to Stats NZ, kiwifruit exports were at the forefront of this surge, escalating by $133 million (1078%) to $146 million. The total export value of kiwifruit for the current season has reached $3.4 billion, up from $2.4 billion the previous year.
In a broader perspective, overall goods exports in October 2024 saw a $400 million increase to 77.5%, totaling $5.8 billion, when juxtaposed with the same period last year. Conversely, imports ascended by $211 million (or 3%) to $7.3 billion. The trade balance for the month recorded a deficit of $1.5 billion, a decrease from the $2.154 billion deficit observed in September. Over the past two years, monthly merchandise trade outcomes have predominantly been deficits, with 19 recorded against five surpluses.
Export dynamics varied by destination. To China, exports increased by $113 million (8.4%), with notable growth in milk powder, butter, cheese, petroleum products, and fruit. Australia saw a $60 million rise (8.3%) in exports, primarily in fruit, and precious metals. The USA experienced a $90 million uplift (15%) in exports, led by precious metals, meat, and dairy products. Exports to the European Union and Japan also witnessed increases, with no significant declines exceeding $10 million reported.
Import trends showed variability by country of origin. Imports from China decreased by $42 million (2.7%), whereas imports from the USA surged by $459 million (79%). Australian imports fell by $58 million (7.5%), and European Union imports decreased by $35 million (3.2%). Key import categories included toys, games, sports products, aircraft and parts, and pharmaceuticals, with diverse shifts observed across different sectors.
Source: The New Zealand Herald