"Today's dismal trade result is an appropriate memorial to nine years of economic mismanagement and missed opportunity," Labour finance spokesperson Michael Cullen said .

Dr Cullen was responding to the overseas merchandise trade figures for October showing a provisional deficit of $2.274 billion - the largest annual trade deficit in the National Government's nine-year history.

"The figures are the last significant economic data to come out before the election and represent the final flat note in a dismal performance.

"They show trend import growth powering along at nearly twice the rate of export growth. Even more worrying is that trend export growth appears to have peaked mid this year and is now heading down again.

"The imbalance in the external accounts reflects National's failure to grow the export sector and its misguided decision to pump up consumption through tax cuts.

"The incoming Labour Government will take a much more intelligent and strategic approach toward the economy, promoting savings through our superannuation policy and exports through our industry development package," Dr Cullen said.

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