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


Merchandise Export Growth Falters

Overseas Merchandise Trade - May 1999

A three year period of growth in merchandise exports during 1996, 1997 and 1998 appears to be ending, Government Statistician Len Cook said today. The exports trend, which has been flat over the last four months, is now turning down.

The trend in merchandise imports continues to show strong growth. This growth, in combination with the weakening export performance, has caused a further deterioration in the trade balance. Contributing to this worsening trend are the decline in New Zealand's terms of trade, the rising New Zealand dollar, increased imports of cars and demand for household consumption goods. Continued steady growth in tourism receipts is counteracting some of the negative consequences for New Zealand's Balance of Payments, Len Cook said.

The contraction in the value of exports has affected a wide range of commodities. Exports of wool, meat and skins have been weak for some time. Latest statistics show that export receipts from dairy products, mechanical machinery, aluminium, and iron and steel have also deteriorated. In contrast, exports of fruit, wood and seafood have strengthened.

The markets which have been the most affected by the decline in exports are Hong Kong (Special Administrative Region), the People's Republic of China, Russia, Belgium, Japan, Brazil and Venezuela.

For May 1999 provisional merchandise exports were $1,984 million.

For the year ended May 1999 the provisional merchandise trade balance was in deficit by $1,497 million. In current dollars this is a record annual deficit but in constant dollars or as a percentage of Gross Domestic Product it is smaller than some deficits recorded in the mid-1980s.


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>


Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>


Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>