Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Trade Deficit Grows

Trade Deficit Grows

Latest figures from Statistics New Zealand show an increase in merchandise exports of 0.9 per cent in the December quarter 1999, after removal of seasonal factors. This follows an increase of 9.9 per cent in the previous quarter. However, during the last year, merchandise exports have grown at less than a third of the rate recorded for merchandise imports. This has impacted on the merchandise trade balance which, for the year ended December 1999, is a deficit of $3,603 million. As a proportion of the value of merchandise exports this is the largest annual deficit recorded since the year ended December 1976.

For December 1999, provisional unadjusted merchandise exports were $2,054 million. The underlying monthly trend has been rising continuously since December 1995. The value of exports in the December 1999 quarter was 8.4 per cent higher than a year earlier.

Seasonally adjusted exports of many major commodities including milk powder, butter and cheese; and meat and edible offal showed recovery in the September and December quarters of 1999 after decreasing in the June quarter 1999. Fish and wool decreased in value in the December quarter 1999. The quarterly trend value for exports of wood and wood products has risen for the last six consecutive quarters.

The monthly trend in the merchandise trade balance shows a deficit which has been growing since November 1998. The provisional unadjusted balance for December 1999 was a deficit of $1,098 million. Without the new frigate HMNZS Te Mana the deficit was $467 million. For the 1990s, the average trade balance for the December months was a deficit of $45 million.

Len Cook
GOVERNMENT STATISTICIAN

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news