Value of vehicles, parts from ASEAN doubles since 2013

New Zealand’s two-way trade with the ASEAN was $15.2 billion in the June 2017 year, Stats NZ said today. Goods and services exported to ASEAN countries totalled $6.3 billion, and imports totalled $8.9 billion. New Zealand’s trade deficit with the combined Association of South East Asian Nations countries, known as ASEAN, was $2.6 billion. Dairy products, petrol and cars were among the main goods traded. Since 2013, the value of vehicles and parts imported from ASEAN has doubled to reach $1.3 billion in the June 2017 year. Stats NZ say that most of these vehicles are from Thailand, where cars and trucks are made under licence for Japanese, American, and other international car makers. Petroleum and related products was New Zealand’s largest goods import from ASEAN in the June 2017 year, according to Stats NZ. New Zealand imported $1.4 billion worth of petroleum from ASEAN in the June 2017 year, half of what was imported in the June 2013 year. Most these petroleum imports came from Singapore ($982 million). “Fifty years ago, we exported nearly $16 million worth of goods to the five original ASEAN countries,” international statistics senior manager Daria Kwon said. “That’s around $160 million in today’s value.” Transportation was the largest service import from ASEAN, largely attributable to New Zealanders flying through Singapore on non-resident airlines.