|Unit||Mil. NZD, NSA|
|Adjustments||Not Seasonally Adjusted|
|Balance of Goods||May 2020||1,252||1,339||Mil. NZD, NSA||Monthly|
|Exports of Goods||May 2020||5,392||5,289||Mil. NZD, NSA||Monthly|
|Imports of Goods||May 2020||4,139||3,950||Mil. NZD, NSA||Monthly|
|Current Account Balance||2020 Q1||-1,554||-1,926||Mil. NZD, SA||Quarterly|
|Exports of Goods and Services||2020 Q1||21,796||21,995||Mil. NZD, SA||Quarterly|
|Imports of Goods and Services||2020 Q1||21,023||21,757||Mil. NZD, SA||Quarterly|
|Net Exports||2020 Q1||773||238||Mil. NZD, SA||Quarterly|
|Real Exports of Goods and Services||2020 Q1||17,821||18,205||Mil. Ch. 2009/2010 NZD, SA||Quarterly|
|Real Imports of Goods and Services||2020 Q1||20,885||22,133||Mil. Ch. 2009/2010 NZD, SA||Quarterly|
|Real Net Exports||2020 Q1||-3,064||-3,928||Mil. Ch. 2009/2010 NZD, SA||Quarterly|
Overseas Merchandise Trade statistics provide statistical information on the importing and exporting of merchandise goods between New Zealand and other countries. Merchandise trade includes goods which add to or subtract from the material resources in New Zealand as a result of their movement in or out of the country.
Data is obtained from export and import entry documents lodged with the New Zealand Customs Service (NZCS).
Export values given in foreign currencies are converted by Statistics New Zealand into New Zealand dollars, using weekly exchange rates when the statistics are compiled. For exports, a rise in the New Zealand dollar has a downward influence on prices, quantities and values.
Import values are converted from foreign currencies when import documents are processed by NZCS. The exchange rates used are set by NZCS each fortnight. These rates are prepared 11 days prior to the start of the fortnight, so have a lag of 11 to 25 days compared with the daily rates published by the Reserve Bank. For imports, a rise in the New Zealand dollar has a downward influence on prices and an upward influence on quantities. The combined influence on values can be either positive or negative.
Time of recording
From the August 1997 reference month, exports are compiled by date of export. Previously, exports were generally compiled according to date of clearance by NZCS. This meant that some goods were allocated to the month following their actual month of export. Exports up to July 1997 that were not processed until August 1997 were assigned to the month of August 1997.
From 1 March 2004, NZCS do not allow goods to be loaded for export until an export entry has been lodged and cleared. A study undertaken in 2001/02 indicated that export entries not being lodged might account for between 1 and 3 percent of exports at that time. There is a possibility that the change in NZCS processes may have reduced this undercoverage, although this has not been quantified.
Imports are generally compiled by date of entry clearance by NZCS. NZCS entries are required from up to five days before, to 20 working days after, arrival of goods into New Zealand. The exception to this rule is for crude oil imports, which can have entries lodged later than 20 working days after entry into New Zealand.
Crude oil values for the latest month are estimated using actual quantities and country of origin data (provided by NZCS, based on information from the refinery at Marsden Point), together with estimated prices. These estimates for crude oil are replaced once actual entries are lodged with NZCS. Any variation in the data for crude oil resulting from a later lodgment date can result in a significant revision to the value. Once actual lodgements are received by Statistics NZ from NZCS, the value for crude oil can be regarded as robust.
Broad economic category groups
Broad economic category (BEC) groups are arranged, as far as practicable, to align with the System of National Accounts’ three basic classes: capital goods, intermediate goods and consumption goods. Commodities in BEC groups are categorised on the basis of their main end use. This means, for example, that all video recorders are treated as consumption goods even though some are used in business. Similarly, all helicopters are treated as transport equipment even though some are military goods (and are treated as such in the National Accounts).
Revisions are rare