The latest overseas merchandise trade figures are disappointing but not surprising, Finance Minister Michael Cullen said today.

They show that imports continue to surge ahead of exports and provide yet more evidence of the need to broaden and add value to New Zealand's export base.

The Government has a strategy to achieve this which we will begin to put into effect with the formation of Industry New Zealand and in this year's budget.

"But there are no quick solutions", Dr Cullen said.

He was commenting on the November overseas merchandise trade result showing an annual deficit for the year of $2.6 billion.

Exports were 7.7 percent up on the 1998 November quarter while imports were up 17.1 percent.

ENDS

© Scoop Media