Overseas merchandise trade: February 2022
21 December 2022: The data referenced in this release and in the downloadable documents below is no longer current.
We have made a one-off extraordinary correction to merchandise trade data for exports covering the period March 2020 to June 2021. For more detail about the correction, and to access updated information, please see Overseas merchandise trade: November 2022.
Incorrect codes used in overseas merchandise trade statistics for January and February 2022
We have identified errors in the application of the Harmonised System (HS2022) update. As a result, all OMT data published for January and February 2022 contain some instances where incorrect codes have been used. This error affects all channels where OMT is published.
The majority of the value of the incorrect codes relates to exports, and is concentrated in the five codes: 4403210010, 4403220010, 4403230010, 4403240010, and 4403250010. These codes all refer to wood and wood articles. In total, 99.9% of the total amount ($132 million in January and $269 million in February) is spread across these five codes. These entries have in most cases been allocated to a similar code within the same HS chapter (i.e. the previous code which HS2022 intended to replace).
OMT March, released on April 28, will include a revisions to previously published statistics for January and February 2022. Infoshare and other sources of data will also be corrected at this time. Incorrect entries will be transferred to the correct codes.
Data for January and February 2022 fall within the provisional data period and are thus subject to revision. Note that the figures given above may change as part of normal revisions. For more detail on the OMT revisions policy, see Overseas merchandise trade – Methodology in DataInfo+.
Download data
Overseas merchandise trade: February 2022
Excel spreadsheet, 332 KB
Overseas merchandise trade: February 2022 – revisions to previously published statistics
Excel spreadsheet, 14 KB
Overseas merchandise trade: February 2022 – supplementary table
Excel spreadsheet, 17 KB
Key facts
This release refers to trade in goods only.
February 2022 monthly values are actual and compared with February 2021.
- Goods exports rose $990 million (22 percent) to $5.5 billion.
- Goods imports rose $1.6 billion (37 percent) to $5.9 billion.
- The monthly trade balance was a deficit of $385 million.
- Exports were up to all top trading partners.
- Imports were up from all top trading partners.
Dairy products continue to lead rise in export
Goods exports rose $990 million (22 percent) in February 2022 to $5.5 billion.
Milk powder, butter, and cheese (our largest export commodity group) was the largest contributor to the rise, up $463 million (37 percent) to $1.7 billion.
- Milk powder rose $222 million (30 percent) in value; the quantity exported fell 4.0 percent. The average unit value rose 36 percent.
- Milk fats including butter rose $165 million (78 percent) in value; the quantity exported rose 14 percent. The average unit value rose 56 percent.
- Cheese rose $46 million (29 percent) in value, and 1.2 percent in quantity. The average unit value rose 27 percent.
Meat and edible offal (our second-largest export commodity group) rose $169 million (21 percent) to $981 million.
- Beef rose $117 million (34 percent) in value, and fell 6.9 percent in quantity. The average unit value rose 34 percent.
- Sheep meat rose $54 million (13 percent) in value; the quantity exported fell 11 percent. The average unit value rose 27 percent.
Export rises to all top destinations
Exports to all our top export partners rose in February 2022.
The monthly movements for February 2022 for our top export partners (ranked by total annual goods exports) were:
- China – up $80 million (5.4 percent) to $1.6 billion, led by rises in dairy (up $103 million), partly offset by a fall in preparations of milk, cereals, flour, and starch (including infant formula), down $50 million.
- Australia – up $119 million (22 percent) to $662 million, led by rises in petroleum and petrol products ($20 million), partly offset by a fall in fruit (down $11 million).
- USA – up $37 million (7.4 percent) to $535 million. The largest rise was meat (up $47 million); the largest fall was wine (down $35 million).
- EU – up $62 million (25 percent) to $311 million, led by rises in sheep meat (up $45 million).
- Japan – up $71 million (34 percent) to $280 million, led by a rise in dairy (up $21 million).
Petroleum and petrol products continue to lead rises in imports
Goods imports rose $1.6 billion (37 percent) in February 2022 to $5.9 billion.
Petroleum and petrol products led the rise, up $243 million (106 percent) to $474 million.
- Crude oil rose $198 million (342 percent) in value, while quantity was up 203 percent. The average unit value rose 46 percent.
- Automotive diesel and petrol rose $37 million (22 percent) in value, while quantity was down 21 percent. The average unit value rose 54 percent.
Mechanical machinery and equipment rose $181 million (32 percent) to $745 million.
- Turbojets rose $36 million (79 percent) in value.
- Laptops rose $30 million (35 percent) in value.
Rises for all top import partners in February 2022
The monthly movements for February 2022 for our top import partners were:
- China – up $490 million (45 percent) to $1.6 billion, led by rises in electrical machinery and equipment (up $71 million), other chemical products (up $56 million), and vehicles, parts, and accessories (up $55 million).
- EU – up $209 million (32 percent) to $868 million, led by rises in mechanical machinery and equipment (up $56 million), and cereals (up $24 million).
- Australia – up $137 million (26 percent) to $670 million, led by rises in cereals (up $49 million).
- USA – up $105 million (29 percent) to $463 million, led by rises in mechanical machinery and equipment (up $46 million).
- Japan – up $167 million (60 percent) to $446 million, led by a rise in vehicles, parts, and accessories (up $98 million), and petroleum and petrol products (up $58 million).
Trade deficit in February 2022
The monthly trade balance was a deficit of $385 million. In February 2021 there was a surplus of $205 million.
February 2022 year
Annual values are actual and compared with the year ended February 2021.
Annual goods exports were valued at $64.9 billion in February 2022, up $5.8 billion from the previous year.
Annual goods imports were valued at $73.3 billion in February 2022, up $16.6 billion from the previous year.
The annual trade deficit was $8.4 billion in February 2022. In the year ended February 2021 there was a surplus of $2.4 billion.
Text alternative for Goods imports and exports, February 2022 month compared with February 2021 month
The diagram shows goods imports and exports for the February 2022 month compared with the February 2021 month.
The trade balance is a deficit of $385 million. This is the difference between exports valued at $5.5 billion (up $990 million or 22 percent) and imports valued at $5.9 billion (up $1.6 billion or 37 percent). Export commodities to rise included milk powder, butter, and cheese, up $463 million (37 percent), meat and edible offal, up $169 million (21 percent), and casein, up $58 million (70 percent). Export commodities to fall included wine, down $25 million (17 percent), logs, wood, and wood articles, down $13 million (3.2 percent), and optical, medical, and measuring equipment, down $11 million (11 percent). Import commodities to rise included petroleum and petrol products, up $243 million (106 percent), mechanical machinery and equipment, up $181 million (32 percent), vehicles, parts, and accessories, up $148 million (21 percent), and electrical machinery and equipment, up $141 million (38 percent). Import commodities to fall included no significant falls in major import categories.
Trend series unavailable due to COVID-19
It is not possible to estimate current trend levels for all seasonally adjusted time series to Stats NZ’s usual quality standard until we know the full effect of COVID-19 on each time series. When each series stabilises, we will estimate the effects of COVID-19 on trends. The timeframe for this will vary for different series depending on how they are specifically affected by COVID-19.
Revisions
See ‘Overseas merchandise trade: February 2022 – revisions to previously published statistics’ Excel table available under Download data for updated provisional values previously published on 25 February 2022.
Goods trade statistics for the latest three months are provisional, so we can include late data and amendments.
Implementation of HS2022
From January 2022, overseas merchandise trade data is compiled using the Harmonised System Classification (HS2022). Before January 2022, the Harmonised System Classification (HS2017) applies.
Overview of 2022 updates to the New Zealand Harmonised System Classification has the classification and concordance to HS2017.
See ‘Supplementary table – February 2022’ under Download data for a comparison of chapter changes between February 2022 and February 2021 as published in this release, and the same chapter changes using an estimate of February 2021 if it was compiled using the HS2022 classification.
More data
Use Infoshare to access time-series data for imports and exports:
Subject category: Imports and exports
Overseas merchandise trade datasets has CSV data for goods imports and exports.
International trade: September 2020 quarter has information on trade in goods and services.
Definitions and metadata
Overseas merchandise trade – DataInfo+ provides the definitions of terms used in this release and general methodology used to produce overseas merchandise trade statistics.
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ISSN 1178-0320
Next release
Overseas merchandise trade: March 2022 will be released on 28 April 2022.
