January imports rise

January 2017 imports rose eight per cent, or $311 million, to $4.19 billion, the highest value for a January month, according to the latest Statistics New Zealand overseas merchandise trade report. In the month of January, vehicles, parts and accessories imports hit $617 million, a 17.8 per cent increase on January 2016. Annually, import values have fallen 1.5 per cent overall to $51.93 billion. Import values for vehicles, parts, accessories rose 11 per cent annually to $7.8 billion, and remained the highest-value import commodity for 2017. Mechanical and machinery equipment, the second-largest import commodity, fell 1.5 per cent to $6.89 billion. In third, petrol import values also declined, down 12 per cent annually to $4.5 billion. The report also noted an 11 per cent increase in car registrations compared to the previous corresponding period. 38,876 used and 27,941 new cars were newly registered in the three months ending January 2017. China continues to be New Zealand’s largest importer, declining 1.1 per cent to $10.3 billion. Australia remains second at $6.4 billion and the USA third at $5.8 billion. Japan, the fourth-highest market, increased 8.2 per cent to $3.75 billion. In fifth, German imports rose 2.8 per cent to $2.5 billion. Export values rose 0.3 per cent in the month of January to $3.9 billion, driven by a 4.5 per cent increase in the sale of dairy products. In the last 12 months ending January, export values declined 1.5 per cent to $48.4 billion. Mechanical machinery and equipment fell 4.5 per cent to $1.61 billion, and electrical machinery decreased 6.6 per cent to $1 billion. Overall, the monthly trade balance was a deficit of $285 million, or 7.3 percent of exports. Excluding crude oil exports and imports, the trade balance deficit fell to $36 million, or 0.9 percent of exports. The trade weighted index rose 9.2 percent between January 2016 and January 2017.