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

 


The incredible shrinking current account deficit

The incredible shrinking current account deficit

While the value of dairy exports has helped New Zealand record a current account deficit in the December 2013 quarter, $900 million less than in the September 2013 quarter, Federated Farmers knows trade agreements are a must to continue this positive trend.

“Our export performance continues to shine and while dairy is leading, it is a story of our superbly resilient primary industries,” says Bruce Wills, Federated Farmers President.

“As Westpac Institutional Bank noted, “A sharp rebound in export volumes, after the severe drought in early 2013, led to the strongest seasonally-adjusted goods balance on record.”

“The good news is that New Zealand's net international liability position in the December quarter fell to 66.6 percent of Gross Domestic Product. It puts us in the best position since 2002.

“Of course the big thing helping New Zealand is that we produce what the world wants and needs.

“We cannot do this without trading partners and trade agreements. It means the Trans Pacific Partnership would be like adding a super charger to our turbo charged ‘rock star’ economy.

“I mean New Zealand not only became the first country to sign a Free Trade Agreement with China and last year our exports surged some 25 percent. We now of course have only the sixth currency to be directly traded with the Chinese Renminbi.

“That will be a huge advantage to exporters and deepens the great relationship we have with China.

“It is why we are so keen on the Trans Pacific Partnership as it opens up massive opportunities for every New Zealander.

“We may be small in terms of people but we held in high regard for our core competitive advantage of producing food. Once they taste the New Zealand difference they see that we are a small and smart economy from aviation to information communication technology.

“Food is our foot in the world’s door and it explains why we are the land with the incredible shrinking current account deficit,” Mr Wills concluded.


Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news