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Dairy Export Volumes Show Large Increase

05 December 2012

NEW ZEALAND - In the September 2012 quarter, seasonally adjusted dairy export volumes rose 32 percent, Statistics New Zealand said. Milk powder was the largest contributor to this rise.

Dairy products made the largest contribution to a 9.7 per cent rise in seasonally adjusted export volumes. Meat export volumes rose 15 per cent. Import volumes rose 0.7 per cent, led by intermediate and capital goods.

"Dairy export volumes are at record levels, after adjusting for seasonal effects," prices manager Chris Pike said. "Dairy values remain at high levels, even though export prices have fallen for five consecutive quarters."

Export prices fell 6.3 per cent, led by dairy prices (down 13 per cent), while import prices fell 3.3 per cent, led by a fall in petroleum and petroleum product prices (down 13 per cent).

In the September 2012 quarter, the terms of trade fell 3.2 per cent. A fall in the terms of trade means that fewer imports can be funded by the same quantity of exported goods. The terms of trade are 9.1 per cent lower than a year ago.

The price and volume indexes for exports and imports of goods are compiled mainly from overseas merchandise trade data.

Export volumes rise 9.7 per cent

Dairy products led the rise in export volumes, up 32 per cent, followed by meat, up 15 per cent. Partly offsetting these increases were falls in non-fuel crude materials (such as forestry products) and machinery and transport equipment.

Dairy product volumes rise, trend reaches new high

Dairy product volumes rose 32 per cent in the September 2012 quarter. Milk powder volumes led the increase, up 54 per cent. Cheese, which is not seasonally adjusted, fell 8.3 per cent.

The trend for dairy products reached a new high, 49 per cent higher than the most recent low point in the June 2010 quarter. High volumes have caused the trend for dairy product values to remain at high levels, even though the price of dairy products has fallen for five consecutive quarters.

Other key changes in export volumes

Meat volumes rose 15 per cent, following a 2.1 per cent rise in the June 2012 quarter. Lamb was the largest contributor, up 21 per cent, following four consecutive falls. The trend for lamb volumes is 12 per cent below the most recent high in the March 2010 quarter. Beef and veal rose 12 per cent, the third consecutive rise.

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