New Zealand's monthly exports valued at all-time high

1News Reporters 1News Reporters | 06-24 08:20

New Zealand's total monthly exports have reached an all-time high value of $7.2 billion, according to Stats NZ.

It marks the first time the figure has surpassed $7 billion - the previous high for monthly exports was $6.95 billion in May 2023.

Trade values are not adjusted for price changes in the calculation.

Stats NZ international trade manager Alasdair Allen said: "May months are typically a peak time for exports, being the height of the fruit season, and strong periods for meat, dairy, and vegetable exports."

Record value led by US exports

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The $202 million rise in exports in the May 2024 month was led by an increase in exports to the United States, up $255 million from May 2023 to $1 billion.

It is the first time that monthly exports to the US have reached his the $1b mark.

"The US is our second biggest export market, with an annual value of $8.8 billion for the year ending May 2024.

"China was the number one market for exports from New Zealand ($17.9 billion value in the same period)," said Stats NZ.

Leading the rise in exports to the US was beef, up 31% in May 2024 from May 2023.

In contrast, beef exports to China, Aotearoa's other main market for the product, were down 45%.

Overall, wine was up $47 million (38%), preparations of milk, cereals, flour and starch up $37m (16%) and precious metals, jewellery and coins up $28m (39%).

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