$3.8 billion trade balance deficit

According to Statistics New Zealand the annual trade balance is in deficit by more than $3 billion and it’s the largest the country has seen in seven years.

The report says as of March 2016, the annual trade balance was a deficit of $3.8 billion, the largest since April 2009.

Statistics New Zealand senior manager Nicola Growden says the large annual trade deficit is a result of falls in the value of primary produce exports.

“Alongside consistent falls in the value of milk powder, values of beef and lamb have fallen in recent months.”

The value of meat and edible offal fell 17 per cent as well, down $300 million since December. The value of milk powder, butter and cheese also fell by 6.4 per cent ($181 million).

It also showed the value of exported goods also fell 14 per cent, down $701 million from last year.

Last month beef exports also dropped by $102 million, with a 25 per cent drop in quantity. Lamb exports dropped by 17 per cent with an 11 per cent drop in exports.

Although meat export values and quantities were high at the beginning of the meat export season, they began dropping in December 2015. In March 2016, beef exports to the USA dropped by 32 per cent and dropped 34 per cent to China.

Despite this the trade balance for March 2016 was a surplus of $117 million, 2.8 per cent of exports, smaller than the surplus of March 2015.

There was a fall of $218 million (98 per cent) in ships, boats and floating structures.

Fruit exports rose $45 million (44 per cent) with a 19 per cent rise in quantity. The rise was led by gold kiwifruit and royal gala apples.




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3 Comments

China

Posted on 01-05-2016 10:31 | By overit

She’ll be right, lets sell the country to China.

Bubble

Posted on 30-04-2016 16:25 | By maildrop

Waiting to burst and the government is fueling it. The Reserve bank should have interest rates much lower, to weaken the dollar, but they have their eye on the housing market, which is not their role. The government is responsible for the shortage of housing but do nothing because they want prices to keep going up, as they all have their money invested in it. Self interested and self serving. Sit on your hands stuff and let the Reserve bank run the country! Wheeler is the Prime Minister, not Key.

Where's The

Posted on 30-04-2016 14:51 | By Merlin

Where’s the rock gone in the Rock Star economy.Not to mention the about 60 Billion in debt.

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