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: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news