Strikes may have cut exports and imports

Strike action at Ports of Auckland may have pushed down export and import values last month, Statistics New Zealand says.

The country recorded a $161 million trade surplus for the month, but economists are warning of weakening export values due to easing commodity prices and the high kiwi.

Statistics said exports fell 6.9 per cent or $267m to $3.6 billion last month, compared to February last year.

That fall was led by crude oil exports more than halving in value. Statistics said exports of the commodity could be irregular, affected by shipment timings and the amount of oil kept in the country for refining.

Dairy exports slipped 6.1 per cent or $59m after a fall in shipments of whole milk powder, and Statistics said disruptions to ships loading at Ports of Auckland may also have contributed to the decline.

The department said the strike action may also have impacted imports, which fell 6.6 per cent or $244m to $3.4b, but noted February 2011’s result had been bolstered by a one-off importation of capital goods.

ASB economist Jane Turner said the fall in clothing imports was consistent with reports that the industrial dispute had affected the arrival of new season clothing, and said that disruption could flow through to retail sales figures.

While meat and forestry exports had strengthened last month, dairy exports were likely to decline in the coming months as weaker prices on spot markets came to bear on export prices.

Export incomes had bolstered the underlying economic recovery, but that support would weaken, she said.

‘‘We expect that the underlying trend in exports is likely to ease over the coming months, reflecting the decline in export commodity prices, particularly global prices for meat and dairy, and the impact of the higher New Zealand dollar.’’