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Log exports lead NZ rise in commodities trade

In June 2019, exports of logs and wood led the rise in New Zealand’s exports, up 16% or NZ$65 million from June 2018 to NZ$472 million in June 2019. These commodities are the third-largest goods export group, behind milk powder, butter, and cheese (NZ$1.1 billion) and meat and edible offal (NZ$678 million). Source: Timberbiz

The rise in logs and wood was led by untreated logs, up 20% or $NZ$55 million on a year earlier. The quantity rose 26% and unit values fell 4.6%.

The average value of untreated log exports fell to NZ$163 per m3 in June, down from a recent high of NZ$177 in February.

New Zealand exports of untreated logs to China were worth about NZ$3.0 billion in the past year, or 80% of the NZ$3.8 billion in total untreated log exports.

Of New Zealand’s main export markets, China had the largest increase in exports, up $297 million (27%) from June 2018 to $1.4 billion in June 2019. The rise was led by beef, milk powder, and untreated logs.

“Strong growth in exports to China continues to offset a slowdown in the value of sales to other key markets such as Australia and the EU,” international statistics manager Geraldine Duoba said.

“China is New Zealand’s largest goods export market, making up 28% of all goods exports, and the fastest growing of our main export markets.”