NZ log exports up in latest trade summary

New Zealand chalked up its third monthly trade deficit in October, repeating last year’s pattern, as shipments of dairy products fell and imports rose.

The deficit was $718 million last month from a revised gap of $775 million a month earlier, according to Statistics New Zealand. The annual deficit widened to $1.37 billion from a deficit of $880 million in the 12 months through September.

Exports in the month were valued at $3.46 billion, up from $3.3 billion in September, though down from $3.89 billion in October 2011.

Also in October, log exports grew 5.1 percent to $294 million and exports of crude oil tumbled 27 percent to $132 million. Shipments of dairy products dropped 20.2 percent to $813 million in the latest month from a year earlier, while meat exports fell 6.6 percent to $277 million.

Imports grew to $4.18 billion in October from $4.08 billion in September and were up from $4.11 billion in October 2011.

Imports of petroleum and related products rose 0.7 percent to $636 million last month from a year earlier. Imports of mechanical machinery fell 3.5 percent to $497 million while imports of vehicles and parts gained 4.5 percent to $454 million. Electrical machinery imports rose 11 percent to $412 million.

China was the biggest source of imports last month, rising 10.5 percent to $731 million, followed by goods from Australia, which fell 4 percent to $626 million. The US was in third place, falling 3.1 percent to $369 million.

Australia remained the biggest market for New Zealand products, with shipments falling 4.6 percent to $912 million, while those from second-ranked China fell 6.4 percent to $456 million, and from the US declined 8.7 percent to $281 million.