Milk powder rose $48 million (7.3 percent) in value in January 2017, despite the quantity exported falling by around 19,000 tonnes (9.4 percent), Statistics New Zealand revealed on the 28th of February.
Milk powder, which made up 56 percent of the milk powder, butter, and cheese commodity group in January 2017, more than offset lower sales for other goods, leaving overall exports up 0.3 percent ($13 million).
When compared to the same period in 2016, milk powder exports have risen since November 2016, after generally falling since September 2009.
“The recent rises in the value of dairy shows exporters are getting a better price for their milk powder exports than they were at this time in 2016,” international statistics senior manager Daria Kwon said. “The fall in milk powder quantity in 2017 reflects this, with exporters getting more value for less product.”
China continues to be our top destination for milk powder exports, accounting for 32 percent of milk powder exports in January 2017, followed by the United Arab Emirates, which accounted for 7.6 percent.
Crude oil, meat, and fruit all rose in January 2017. These rises were partly offset by falls in other commodities, such as casein, wool, and logs.
Imports rose $311 million (8.0 percent) in Janurary, led by a large rise in crude oil (up $146 million). The value of goods imports in January 2017 is the highest value for a January month.
The trade balance for January 2017 was a deficit of $285 million. Excluding crude oil exports and imports, the deficit was $36 million.