New Zealand - Imports of Goods





New Zealand: Imports of Goods

Mnemonic TRIG.INZL
Unit Mil. NZD, NSA
Adjustments Not Seasonally Adjusted
Monthly 7.08 %
Data Apr 2019 5,114
Mar 2019 4,776

Series Information

Source Statistics New Zealand
Release Overseas Merchandise Trade
Frequency Monthly
Start Date 4/30/1992
End Date 4/30/2019

New Zealand: Trade

Reference Last Previous Units Frequency
Balance of Goods Apr 2019 433 824 Mil. NZD, NSA Monthly
Exports of Goods Apr 2019 5,548 5,599 Mil. NZD, NSA Monthly
Imports of Goods Apr 2019 5,114 4,776 Mil. NZD, NSA Monthly
Exports of Goods and Services 2019 Q1 21,055 21,074 Mil. NZD, SA Quarterly
Imports of Goods and Services 2019 Q1 21,148 21,135 Mil. NZD, SA Quarterly
Net Exports 2019 Q1 -93 -61 Mil. NZD, SA Quarterly
Real Exports of Goods and Services 2019 Q1 18,626 18,119 Mil. Ch. 2009/2010 NZD, SA Quarterly
Real Imports of Goods and Services 2019 Q1 21,552 21,405 Mil. Ch. 2009/2010 NZD, SA Quarterly
Real Net Exports 2019 Q1 -2,926 -3,286 Mil. Ch. 2009/2010 NZD, SA Quarterly
Current Account Balance 2018 Q4 -2,471 -2,494 Mil. NZD, SA Quarterly

Release Information

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.

  • Trade balance values are calculated by deducting imports (cif) from exports (fob). These two valuations are not entirely comparable, because the cif valuation includes insurance and freight to New Zealand while the fob valuation excludes insurance and freight from New Zealand.
  • Exports (including re-exports) are valued fob (free on board) and are shown in New Zealand dollars. Estimated values are used for goods that are not already sold at the time of export entry lodgement.
  • Imports are valued at cif (cost including insurance and freight) and are shown in New Zealand dollars.

Data source

Data is obtained from export and import entry documents lodged with the New Zealand Customs Service (NZCS).

Exchange rates

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

Exports

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

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).

Definitions

  • Cif
    • Cost of goods, including insurance and freight to New Zealand.
  • Fob
    • Free on board (the value of goods at New Zealand ports before export).
  • INFOS
    • Information Network for Official Statistics (Statistics New Zealand's computer database of publishable statistics - available online by subscription).
  • Vfd
    • Value for duty (the value of imports before insurance and freight costs are added).

 Revisions are rare

Please refer here for more information.