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Economic weather report: Trade deficit improves, but only because imports fell faster than exports
November 27th, 2009Bernard Hickey delivers an economic weather report in association with ASB, including a look at trade figures showing imports falling slightly faster than exports in October from a year ago. This means our trade deficit improved in October, but its turnaround earlier this year has run out of steam.
Exports of dairy products, oil and aluminium fell from October 2008 as New Zealand dollar prices fell, partly because of a stronger New Zealand dollar. Imports of cars, machinery and fertiliser fell, suggesting business investment is weak. Oil imports were also down because of lower oil prices.
Exports to China, however, are up over 50% in the last year from a year ago, while imports from China are up only slightly, suggesting the Free Trade Agreement has been a big success.
Tags: Bernard Hickey, Economic weather report, Exports, Imports, new zealand, Trade Balance, Trade deficit
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November 27th, 2009 at 5:41 pm
Bernard
I think you will find there was a large one off sale of milk powder to China.
November 29th, 2009 at 11:33 pm
Welcome to a new world with old bloody principles- hello doesn’t work. Reading your “Soups Beigoma” over the weekend – some bloggers still don’t understand that the world changed for ever. How can not only a financially struggling, but also economically uneducated rather corrupt government ever satisfy manufacturers/ exporters with better conditions ? A consumer nation – indebted up to the roof with the wrong attitude of making money and care for our environment ?
Next to upcoming international pressure, unfortunately New Zealand cannot financially/ socially afford a “Free Market” economy anymore.
We must learn to be independent, cover our needs as much as possible with manufacturing valuable widgets/ products and only imports of “cheap” or mass produced ones. The future economic philosophy isn’t necessary more exports, but more valuable exports and certainly less imports – an entry of a planned green and clean economic solution –working hard on the base with ethical behaviour, brain and shovel – together.
Walter
November 30th, 2009 at 4:36 am
Brain and shovel – together , Walter . I got a beaut shovel , Australian made , of course . Can you supply the missing ingredient . And together we’ll…………..Dig ditches , I guess ?
November 30th, 2009 at 8:34 am
Old good Rogie on a rainy day,
Reading articles this morning again – all sounds desperate (déjà view) – everybody calls for bargains from the offices – and not much is done on the ground. – just buy a new Transport System for Auckland from…..- easy.
..and nothing changes – same old story- “Tie Talk !”
Dig ditches – Yes- Rogie we bring all the power lines (washing lines and some other staff with a special “Ditch digger” imported from Komatsu underground- at least in the South Island – ha!