NZ Trade Deficit Highest Since 2009
World Economy

NZ Trade Deficit Highest Since 2009

New Zealand’s annual trade deficit for the year ending April was the worst since the global financial crisis and was driven by falling dairy exports and prices and slowing demand from China, Xinhua news agency reported.
Government’s statistics agency Statistics New Zealand said Tuesday that at the end of last month, annual trade deficit was 2.6 billion NZ dollars (US$1.9 billion) – the largest annual deficit since the year ended June 2009.
Total goods exports in the month of April fell by 5.5 percent year on year to 4.2 billion NZ dollars, with dairy exports down by 27 percent due to lower quantities for whole milk powder and lower prices. “The value of whole milk powder we sent to China in April 2015 was a fifth of the April 2014 value,” international statistics manager Jason Attewell said in a statement.
“Volumes were a third of what they were in April 2014, and lower prices made up the rest of the fall in value.” Imports were up 2.6 percent to 4 billion NZ dollars.
Opposition Green Party said the country was paying the price for the government’s failure to diversify the economy.
“The budget last week was quite clear that the government’s positive economic predictions rely on increasing dairy revenue, but the trends show that this is unlikely,” Green Party co-leader Russel Norman said.


Short URL : http://goo.gl/dOZauO

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...