Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Trade deficit increases with EU – Media release

New Zealand’s two-way trade with the European Union (EU) was $22.2 billion for the year ended March 2018, Stats NZ said today. The EU is New Zealand’s third-largest market for trading goods and services.

China remains New Zealand’s top trading partner (maintaining this rank since the December 2017 year), followed by Australia. China, Australia, and the EU account for nearly half of New Zealand’s total trade with the rest of the world.

Two-way trade measures the total amount of goods and services New Zealand imports and exports with the rest of the world. For the year ended March 2018, New Zealand’s two-way trade with China was valued at $26.9 billion, while that with Australia was at $25.9 billion.

EU trade deficit increases while China and Australia remain in surplus

“In recent history we have continued to import more from the EU than we have exported to them, while our trade balance with China switched from a deficit to a surplus in 2013,” international statistics senior manager Peter Dolan said. “Since 2009 we have maintained a trade surplus with Australia.”

In the March 2018 year, almost one-fifth of New Zealand’s imports came from the EU ($13.4 billion). This high value of imports is what drives New Zealand’s trade deficit with the EU. A trade deficit is when imports are greater than exports. Top imports from the EU were vehicles, parts, and accessories, mechanical machinery and equipment, and transportation services.

New Zealand exported $8.8 billion worth of goods and services to the EU for the year ended March 2018. The top goods exports were food based, with meat accounting for almost one-third of total goods exports to the EU, while fruit and wine made up almost a quarter. The largest service exports to the EU included travel (expenditure in New Zealand by tourists from the EU), transportation, and other business services, with travel making up the majority.

Trade surpluses with China and Australia

New Zealand exports to China totalled $15.3 billion in the March 2018 year, led by dairy products. Dairy product exports totalled $4.0 billion, accounting for one-quarter of New Zealand’s exports to China.

Travel services continue to be the most valuable export to Australia. Travellers from Australia spent $2.6 billion in New Zealand in the year ended March 2018.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote. We also acknowledge the men who supported the cause and voted for the Bill to pass.

“Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.

“Aotearoa New Zealand has a female Prime Minister, we have women in cabinet. And I’m here as Acting Minister because the Minister for Women Julie Anne Genter is on maternity leave. New Zealand is a good place to be a woman!” More>>

 
 

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

'Post-Settlement Era': Māori Crown Agency To Be Established

Cabinet has approved the final scope of the Māori Crown portfolio and agreed to establish an agency to oversee Government’s work with Māori in a post-settlement era, announced Crown/ Māori Relations Minister Kelvin Davis. More>>

Gordon Campbell: On Our Military Roles In Iraq & Afghanistan

The politics of the deployment extension have degenerated into a slanging match about whether the previous National government was right or wrong to make the initial commitment to Iraq – and whether the extension is a responsible thing given our joint training role in Iraq with Australia, or is hypocritical in the light of prior statements made by a previous Labour leader... More>>

ALSO:

Commissioner To Be Appointed: Govt To Dismiss Board Of Whitireia And WelTec

Education Minister Chris Hipkins has made a preliminary decision to appoint a Commissioner to Whitireia and WelTec to address the two polytechnics’ financial woes. More>>

ALSO:

Open Government Action Plan: Government To Proactively Release Cabinet Papers

The Cabinet papers will be released no later than 30 business days after a Cabinet decision. This process will be in place for Cabinet papers lodged from 1 January 2019... More>>

ALSO:

NZ Initiative: Evidence Of "Huge" Government Waste

It is not so much that spending is being literally wasted. Rather the best performing countries are achieving much better outcomes relative to their spending. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels