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

 


Trade Deficit Still Worsening

Latest statistics show the trend in the merchandise trade deficit continuing to worsen. Although merchandise exports are increasing, their growth is at a slower rate than that recorded for merchandise imports.

The trend in merchandise exports has been rising continuously from the start of 1996. Recent strong growth in merchandise imports, however, has resulted in the trade deficit worsening for the eleventh consecutive month. This is despite the New Zealand dollar falling for the third consecutive month.

For the month of August 1999 the provisional merchandise trade balance was a deficit of $433 million. The average trade balance for the month of August during the 1990s was a deficit of $209 million.

For the year ended August 1999, the provisional merchandise trade balance was a deficit of $1,893 million. In current dollars this is the largest deficit recorded. As a proportion of merchandise export values, however, there were larger deficits in the mid-1970s and mid-1980s. The trade balance for the year ended August 1998 was a deficit of $360 million. Recent imports of large aircraft and ships have affected the latest trade balance figures.

Provisional merchandise exports for the month of August 1999 were $1,887 million.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: 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>>

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:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news