Parliament

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

 

Increase In Non-Traditional Exports To Singapore

Healthy Increase In Non-Traditional Exports To Singapore

The first six months of trade with Singapore under the new Closer Economic Partnership agreement was hardly doom and gloom as painted by the Green Party, Trade Negotiations Minister Jim Sutton said today.

Statistics NZ figures for the first six months of this year show total NZ merchandise exports to Singapore fell by 20.3% to NZ$205.2m from NZ$257.4m in the same period in 2000 (but increased 5% from $195.4m in the corresponding period in 1999).

Total merchandise imports from Singapore rose 27.2% from $246m to $313m (an increase of $67m).

This resulted in a trade deficit of $108m for the first six months.

However, Mr Sutton said, there were reasons for the drop, and there was no need to panic.

"The drop in exports was caused almost wholly by a drop in New Zealand dairy exports to Singapore which fell $63.6m from $105m to $41.4m. Such fluctuations are not unusual and are not of concern as the value of New Zealand dairy exports to the world continues to increase dramatically.

"If the market fluctuation in dairy exports to Singapore is excluded, then non-dairy exports to Singapore increased 7.46% from $152.5m to $163.8 m."

Non-agricultural exports to Singapore increased by 20.6% from $97.8m to $117.9m (and from $83m in the six months to June 1999). Value added machinery exports increased 129% from $11.9m to $27.3 m. Electrical machinery increased 31% from $12.9m to $16.9 m. Optical and measuring instruments increased over 300% from $2m to $7.9 m.

Mr Sutton said the increase in imports was primarily caused by increased oil imports from Singapore which rose from $3.8m to $60.6m. Fluctuations in oil import sourcing are normal and should not be allowed to disguise underlying trade patterns.

"If oil is excluded, then imports from Singapore rose only 4.2% in the first six months of this year compared to the same period in 2000. This is less than the increase of 9% in imports from the world in the first six months of this year."

Mr Sutton said that, more importantly, the figures showed that imports of textiles, clothing and footwear actually decreased 17.4% from $433,000 to $358,000. Footwear imports dropped 45% from $61,000 to $34,000.

"Fears that the CEP would result in a flood of TCF imports to NZ claiming duty preference are groundless, as the Government always said would be the case.

"There have been almost no imports of TCF goods from Singapore under CEP tariff preference as these goods do not meet the required rules of origin (that is - of 40% Singapore/NZ value added). Such goods have therefore paid the full normal duty. The claim that the increase in imports can be accounted for by illegal transhipments via Singapore to avoid paying tariffs is completely wrong."

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The Rivals For The Covid Saliva Testing Dollar

If you want a good insight into what the limits of tiny, barely discernible steps to reduce poverty actually look like, delve into the latest Statistics Department figures on poverty in New Zealand Most of the nine measures utilised reveal little or no progress in combatting poverty over the 21 months to March 2020... More>>


 

Government: Reserve Bank To Take Account Of Housing In Decision Making

The Reserve Bank is now required to consider the impact on housing when making monetary and financial policy decisions, Grant Robertson announced today. Changes have been made to the Bank’s Monetary Policy Committee’s remit requiring it to take into ... More>>

ALSO:


RNZ: Alert Levels Remain

There are no new community cases of Covid-19 today, the Ministry of Health has confirmed.
Covid-19 Response Minister Chris Hipkins says at least half of the Papatoetoe High School community have been tested and the results that have come through so far have all been negative... More>>

ALSO:

Stats NZ: Latest Release Of Child Poverty Statistics

All measures of child poverty were trending downwards, prior to the COVID-19 lockdown, across the two years since year ended June 2018, Stats NZ said today. The COVID-19 lockdown in late March 2020 affected Stats NZ’s ability to collect data from households ... More>>

ALSO:


NZ Initiative: New Report Highlights How Our Housing Crisis Could Worsen If We Don’t Act Now

If New Zealand politicians thought the housing crisis in 2020 was bad, the worst is yet to come, warns a new report by The New Zealand Initiative. In The Need to Build: The demographic drivers of housing demand , Research Assistant Leonard Hong ... More>>

Parliament: Kiwi MPs Among The “Most Educated In The World”

New analysis of MP qualifications reveals New Zealand’s Parliament is one of the most educated and highest qualified in the world, and significantly more educated than Australia’s. The research, by Mark Blackham of BlacklandPR and Geoffrey Miller ... More>>

The Dig: An Illogical Ideological Struggle

Dig beneath all the trade wars and the arguments to the effect that the USA should not permit China to achieve economic and technological superiority, or even parity, and you find the real reason behind the conflict... More>>

Travel: Government Eases Visa Restrictions For Visitors In New Zealand

Visitor visa holders will be able to stay in New Zealand a little longer as the Government eases restrictions for those still here, the Minister of Immigration has announced. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels