WILLING TON: New Zealand’s merchandise exports rose to their highest ever level for a November month as the country benefited from rising prices for dairy exports. Goods exports jumped 20 per cent to $4.6 billion in November from the period last year, the highest ever level for the month, said to Statistics New Zealand.
Exports of milk powder, butter and cheese led the rise, gaining 22 per cent, or $262 million, to $1.5b.
New Zealand is the world’s largest exporter of dairy products and has benefited from an increase in global dairy prices, boosting payouts to farmers and stoking the local economy.
The latest gains were price led, with exports of butter up 79 per cent in value but down 2 per cent in volume, while milk powder was up 13 per cent in value but 9.1 per cent lower in volume, and milk and cream increased 122 per cent in value and 43 per cent in quantity.
Exports of meat and edible offal, the country’s second-largest commodity export, rose 47 per cent, or $160 million, to $499m, led by a $92m increase in lamb exports, Stats NZ said.
Meanwhile, exports of logs, wood and wood articles, the third-largest group, gained 50 per cent to $484m, as the quantity of rough logs exported rose 40 per cent.
Exports to China, New Zealand’s largest market, jumped 43 per cent in November to $1.2b, led by a 54 per cent increase in dairy products, an 87 per cent rise in logs, wood and wood articles, and a 153 per cent rise in lamb. Goods exports to Australia, the second-largest market, lifted 3.6 per cent to $762m, with increases across a range of commodities, including food preparations such as infant formula, and milk powder, butter and cheese.
