General

On June 2nd, the National Bureau of Statistics of New Zealand released international trade data for the first quarter of 2023, showing that New Zealand's total trade in goods and services was S $512 billion, an 18% increase from the same period last year. Among them, exports amounted to S $24 billion, a year-on-year increase of 22%, and imports amounted to S $27.2 billion, a year-on-year increase of 15%.

From the perspective of service trade categories, in the first quarter, New Zealand's service exports amounted to S $7.4 billion, with a year-on-year growth rate of 122%; Service imports amounted to S $7.2 billion, a year-on-year increase of 32%. Among them, the export of tourism services increased by S $3 billion to S $3.8 billion; Export of transportation services increased by S $703 million to S $1.1 billion; The export of other commercial services increased by S $122 million to S $719 million. The import of transportation services increased by S $445 million to S $1.9 billion; The import of other commercial services increased by S $125 million to S $1.3 billion; The import of tourism services increased by S $867 million to S $1.3 billion.

From the perspective of goods trade categories, in the first quarter, New Zealand's international trade exports of goods amounted to S $16.7 billion, an increase of 1.7% compared to the same period last year, and imports of goods amounted to S $20 billion, an increase of 9.6% compared to the same period last year. From a month on month perspective, the export volume of goods trade in the first quarter increased by 1% compared to the fourth quarter of 2022, and the export prices of international trade decreased by 6.9%, resulting in a 4.7% month on month decrease in quarterly export volume; The import volume of goods increased by 6.7% month on month, while import prices decreased by 5.4%, resulting in a 2.6% month on month increase in international trade imports for the quarter.

From a national perspective, China remains New Zealand's largest international trading partner, with Australia, the United States, the European Union, and Singapore ranking 2-5 respectively. In the first quarter, New Zealand's total trade in goods and services with China was S $9.38 billion, of which New Zealand exported S $5.29 billion to China and imported S $4.09 billion from China.