Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Time to face facts over $2.8 billion trade deficit

25 July, 2003

Time to face facts over $2.8 billion trade deficit Attn: Business / Financial Editors

The announcement today of New Zealand's second largest June year trade deficit in our history should be of major concern to the Government and the whole country, said Green Co-Leader Rod Donald.

Statistics New Zealand have reported that the June month trade deficit was $230 million, the worst since 1960 when statistics were first collected. This contributed to the June year trade deficit of $2,883 million, the second largest since records began.

"After two years in the black New Zealand's trade balance is back to being seriously in the red again," said Mr Donald.

"It's time we faced facts: our dollar is over valued, we are importing too many things we should be making ourselves, clogging up our roads with too many imported second hand cars and burning through too much imported fuel to run them."

The import stats reveal that car imports were $3,294 million for the year to June, 48 per cent more than four years ago, and crude oil imports were $1,963 million, 120 per cent more than four years ago.

"The Government needs to invest more in public transport because if it doesn't we will fill up our roads with even more cars belching out even more pollution," said Mr Donald.

"Import of consumption goods topped $8,000 million for the first time ever, 31 per cent more than four years ago.

"Many of these products used to be made in New Zealand and could be made here again if only the Government adopted a comprehensive import substitution strategy and promoted loyalty to New Zealand manufacturers and workers.

"New Zealand's trade deficit will only get worse if companies such as Macpac are forced to close down their New Zealand manufacturing operations and become importers rather than exporters."


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced


Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election