Parliament

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

 

Trade deficit beyond a joke

28 July 2005

Trade deficit beyond a joke

Today's June year-end $5.18 billion trade deficit is crippling the New Zealand economy, the Green Party says.

Statistics New Zealand announced today a deficit of $522 million for the month of June, which caps off 13 consecutive monthly trade deficits, taking the June-year deficit to $5.176 billion.

"The message from today's appalling result is that New Zealand needs to reduce its deficit on oil and kick the free trade habit," Greens Co-Leader Rod Donald says.

"The rising cost of oil is starting to bite with the value of crude imports up a massive 65 percent. It's time for the Government to pay more attention to the Green Party's strategy to reduce that dependence through a comprehensive package of efficiency measures and demand management.

"The trade deficit also highlights the failure of the Government's free trade policies. The trade deficit with Singapore has hit an all-time record of $690 million, with exports to that partner still below what they were before the CEP took effect.

"New Zealand's trade deficit with Australia has also hit a new record - $1.44 billion.

"However, both of these are eclipsed by the trade deficit with China, which has increased over $500 million in the last 12 months to a massive $2.09 billion," he says.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages