Dairy exports dip in September

Milk powder, butter, and cheese exports fell $97 million this month, led by falls in milk fats including butter (down $35 million), and milk powder (down $31 million).

'The falls in butter and milk powder were price-driven, as the export volumes for both commodities were higher in 2020, by 8.0 percent and 4.0 percent, respectively,' Mr Cox said.

Preparations of milk, cereals, flour, and starch (which include infant formula) fell $53 million (26 percent) in value and 29 percent in quantity.

In September 2020, total goods exports were down $350 million (8.0 percent) to $4.0 billion. Crude oil led the fall, down $110 million. It is not uncommon to see large changes in crude oil exports due to the timing of shipments leaving New Zealand.

The value of total goods imports in September 2020 fell $643 million (11 percent) from September 2019, driven by a fall in cars. Since March 2020, total imports have been falling when compared with the same month of the previous year.

'Monthly car imports fell sharply in April and May as the COVID-19 pandemic spread around the world,' Mr Cox said.

'In September 2020 car imports were down $110 million on the same month last year, but monthly values have been recovering from the low levels seen four months ago.'