November Exports Confirm Positive Trend
TreasurerToday's provisional merchandise trade figures for November continue the trend of strong export growth following the Asian Crisis, Treasurer Rt Hon Bill Birch said today.
Provisional merchandise exports were up 10.2% for the November months and 5.6% for the year.
"New Zealand exporters have been successful in switching from declining Asian markets into high-value markets elsewhere over the last 12 months.
"Although exports to Asia were down 3.3% ($21m) for the month, exports to Europe rose 9% ($25m) and sales to the US and Australia were up $99m and $26m respectively.
"These figures support the view that an export-led recovery was well underway in the second half of 1998," he said.