Imports fall in lead-up to Christmas

Imports fell over $1 billion in November 2020, with large falls for cars, fuels, and other commodities, partly offset by a lift in cell phone imports, Stats NZ said today.

The total value of monthly goods imports in November 2020 fell $1.1 billion (17 percent) to $5.0 billion from near-record monthly imports in November 2019.

“The fall in imports coincides with disruptions to global supply chains and delays at New Zealand ports,” international trade manager Alasdair Allen said.

“November is typically a strong month for imports, but reduced air and sea freight capacity may have limited imports for a range of products.

“New Zealanders spent heavily on things like furniture and electrical goods in November, highlighting strong demand, but new supplies of imports have been held up, with delays in getting containers across the wharf especially at Auckland.”

One of the few import lines to increase in November was cell phones, up $46 million on the same month in 2019, reflecting strong demand in stores.

“Shoppers spent more on goods such as cell phones and laptops in November,” Mr Allen said.

See Shoppers dial up Black Friday deals.

Other commodity imports fall

The leading falls in imports were aircraft and parts (including turbo jets and turbo propellers, down $262 million), crude oil (down $146 million), vehicles, parts, and accessories (down $121 million), petrol and diesel (down $119 million), and plastics (down $35 million).

The falls were partly offset by rises in mobile phones (up $46 million), and food wastes and animal fodder (up $24 million).

Goods exports little changed

Total monthly goods exports were little changed at $5.2 billion .

Trade surplus in November

The sharp fall in total imports and little change in total exports has led to a monthly trade surplus in November of $252 million.

The November goods trade surplus is the first since the strong dairy export season of 2013/14, when international prices were high.