Vehicles and petrol lift May's imports

Imports of motor vehicles and petroleum products pushed total imports to $4.8 billion in May 2017, Stats NZ said this week. Monthly imports were $635 million or 15 per cent higher than for May 2016. Imports of motor vehicles and parts were up $135 million, a significant 22 per cent rise from May 2016 to reach $739 million in May 2017. The increase was led by passenger motor cars, up $87 million or 23 per cent higher to $468 million. The leading contributor to May's import increase was petroleum products, up $269 million, a 71 per cent rise, led by crude oil, up $127 million, which was a 65 per cent increase on a year earlier. "Crude oil and other petroleum products are imported in large, irregular shipments, which can cause large percentage fluctuations in values," International Statistics Senior Manager Daria Kwon says. "This month's increase in value is much higher than in recent times." Total export values were $5.0 billion in May 2017, up $395 million, or 8.7 per cent, from May 2016. The largest rise in export values was in the dairy commodity group, up $342 million (42 per cent). Milk powder, butter, and cheese all rose at least 40 per cent on a year earlier. "Higher world prices for milk powder helped boost export values in recent months," Kwon says. "Exports of dairy commodities to China led the increase in values." There were also smaller increases across other large export commodities, including beef and lamb, forestry, fruit, and wine. The annual trade deficit for the year ended May 2017 widened to $3.8 billion, from $3.6 billion in April 2017. The trade surplus in May 2017 ($103 million or 2.1 per cent of exports) was lower than the average surplus (5.7 per cent of exports) in recent May months.