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NZ see increase in imports and exports

NZ see increase in imports and exports

(26 February 2016 – New Zealand) In January, both imports and exports rose when compared with January 2015, Statistics New Zealand has announced.

The total value of goods imported in January 2016 rose by NZ$261 million (A$244 million) or 7.2 percent to NZ$3.9 billion from January 2015. The total value of goods exported was NZ$3.9 billion, up $217 million (5.9 percent) in the same period.

The largest rise in imports was in intermediate goods, up NZ$140 million (8.9 percent). This was followed by 12 percent rise in consumption goods imports, up NZ$111 million. Imports of capital goods fell NZ$34 million (4.4 percent).

The rise in intermediate goods imports was offset by a large fall in crude oil, down NZ$96 million. The quantity of crude oil imported fell by just under 8 percent.

“The fall in the value of crude oil imports is a result of New Zealand importing slightly less crude oil than in January 2015, but at a much lower price,” international statistics senior manager Jason Attewell said.

Exports of milk powder, butter, and cheese extended China’s place ahead of Australia as the country’s top export destination.

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