September trade deficit biggest in 20 years

"The latest export figures don't paint a pretty picture for either exporters or the economy at large," says National Party Trade spokesman, Lockwood Smith.

"For 18 months now, each month's export income has been less than the same month in the previous year.

"Year on year, our export income has now been in decline for two full years.

"In the last 12 months that means almost $3 billion less has flowed into the New Zealand economy than flowed in the previous year, and that was already down on the year before that.

"Three billion dollars may not mean a lot to some people, but it is the equivalent of eliminating our entire fruit exports, wool exports, wood pulp and wastepaper exports, beverages wine and spirits exports, and the glamour boat industry exports, all in one year," Dr Smith says.

"Add to that decline in export income, the fact that our trade deficit for September was the greatest since 1984 and we have a situation that is not a matter of if it will be felt across our entire economy - but when.

"The Labour Government's response to this serious situation is to impose yet another tax on our export sector with a new security tax on all export shipments", says Dr Smith

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