The release of the December current account data also brings with it the detail of gold exports.
And it shows gold mining is a declining industry here.
In the December quarter, New Zealand exported just $88 mln of ‘non-monetary gold’.
This is the lowest quarter in over nine years.
For the full 2016 year, we exported $400 mln worth of ‘non-monetary’ gold. And that is the lowest level in eight and a half years.
Gold mining is winding down in New Zealand. Low prices affect the export values.
Exports in 2015 were 8.8 tonnes of gold. But in 2016 that had fallen to 6.9 tonnes, a -21 reduction.
In 2016, the average price of gold was NZ$1,792/oz or US$1,251/oz. In local currency, that is +7.9% higher than for the previous year. In US dollars the rise is similar.
In 2015, these averages were NZ$1,661/oz and US$1,159/oz.
And that compares with the average ten years earlier in 2006 of just NZ$931/oz and US$603/oz.
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