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Saudi Sheep Farm Deal Didn’t Help Exports

Saudi Sheep Farm Deal Didn’t Help Exports - Trade Figures Show

The shonky nature of foreign corporate welfarism has been laid bare evidenced by new trade figures, which reveal our country’s trade imbalance with the world.

“Despite the National-led government splashing $12m of taxpayer cash on a specious Saudi sheep farm, our exports to Saudi Arabia actually fell 17.5 percent in the year to November 2015,” says the Rt Hon Winston Peters.

“Clearly the benefits of the government’s so-called ‘food security platform,’ perished along with lambs during a Saudi sandstorm.

“The reality is that New Zealand imported towards $4bn more than we exported in the year to November. Plentiful imports are helping National to maintain an illusion of wealth but that’s only building a consumptive bubble.

“The lower Kiwi dollar saw our exports to the United States leap by almost a quarter. The secret to boosting trade then is not a convoluted TPP, but an exporter friendly dollar backed by common sense export friendly policies.

“But once again, our dollar is over US68 cents and heading towards US70 cents.

“While new Trade Minister Todd McClay rightfully got a pat on the back for his WTO breakthrough, National is wide of the mark as to who benefits from ‘Free Trade Agreements,’ better termed, Free Import Agreements,” Mr Peters said.

FREE TRADE AGREEMENTS WORK FOR IMPORTERS, NOT EXPORTERS
Year to November 2015

Free Trade AgreementExportsImportsBalance (+/-)
China FTA$8.5 billion$10.2 billion-$1.68 billion
CER (Australia)$8.3 billion$6.2 billion+$2.08 billion
ASEAN* Australia-NZ FTA$4.8 billion$7.7 billion-$2.93 billion
Thailand CEP$770 million$2.1 billion-$1.35 billion
Korea FTA$1.5 billion$1.8 billion-$295 million
Singapore CEP$1.0 billion$1.8 billion-$733 million
Malaysia FTA$971 million$1.6 billion-$716 million
ANZTEC (Taiwan)$1.1 billion$788 million+$325 million
Hong Kong CEP$750 million$102 million+$648 million

*Malaysia, Indonesia and Singapore are also ASEAN members. Source: StatsNZ

ENDS

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