New Zealand’s total exports were valued at $7.2 billion in the May 2024 month, according to figures released by Stats NZ this week.
This is the first time that monthly exports have reached $7 billion. The previous high for monthly exports was $6.95 billion in May 2023.
“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,” says International Trade Manager, Alasdair Allen.
The rise in exports ($202 million) in the May 2024 month was led by an increase in exports to the United States, up $255 million from May 2023 to $1.0 billion. This is the first time that monthly exports to the US have reached $1 billion.
The US is New Zealand’s 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).
Leading the rise in exports to the US was beef, up 31 percent in May 2024 from May 2023. In contrast, beef exports to China, our other main market for beef, were down 45 percent.
Year ended May 2024 exports and imports to and from the US
In the year ended May 2024, total exports to the US were valued at $8.8 billion, and total imports from the US were valued at $7.3 billion.
New Zealand’s top five export commodities to the US were:
- Beef ($1.7 billion)
- Wine ($789 million)
- Sheep meat ($609 million)
- Natural milk constituents ($539 million)
- Casein ($349 million).
In the year ended May 2024, the US was New Zealand’s main market for wine.
The top five import commodities from the US were:
- Mechanical machinery and equipment ($1.96 billion)
- Aircraft and parts ($812 million)
- Optical, medical, and measuring equipment ($732 million)
- Vehicles, parts, and accessories ($562 million)
- Electrical machinery and equipment ($472 million).
