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Commodity exports rise to a record for a November month as dairy prices lift

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20.12.2017

New Zealand's merchandise exports rose to their highest ever level for a November month as the country benefited from rising prices for dairy exports.

Goods exports jumped 20 percent to $4.6 billion in November from the period last year, the highest ever level for the month, said Statistics New Zealand. Exports of milk powder, butter and cheese led the rise, gaining 22 percent, or $262 million, to $1.5 billion.

New Zealand is the world's largest exporter of dairy products and has benefited from an increase in global dairy prices, boosting payouts to farmers and stoking the local economy. The latest gains were price led, with exports of butter up 79 percent in value but down 2 percent in volume, while milk powder was up 13 percent in value but 9.1 percent lower in volume, and milk and cream........

© The National Business Review