Office of Hon Dr Michael Cullen

Reduction in trade deficit welcome

The continued steady reduction in the trade deficit was welcomed today by acting Finance Minister Trevor Mallard.

Mr Mallard was commenting on the release of the overseas merchandise trade figures for July.

"The exports trend has been rising faster than the imports trend for eleven months now. This should take pressure off the current account deficit," Mr Mallard said.

"I particularly welcome the correction in today's data of the $180 million error in the exports early estimate published last month.

"The corrected figure, although it still shows a modest deficit, is a huge improvement on what commentators had been expecting," Mr Mallard said.

ENDS

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