Analysis shows that non-primary manufacturing exports are in serious decline, says Labour’s Finance spokesperson David Parker.
“Official figures show that manufacturing export earnings outside the primary sector have declined in real terms by 14% and 10% in what Statistics New Zealand calls the moderately and elaborately manufactured sectors. (see link below)
“Of course when the exchange rate changes for primary exports, a similar quantity of milk and meat still have to be processed, which is why manufacturing of primary products holds up.
“It is the jobs in non-primary manufacturing which are hardest hit. These manufacturing jobs are being lost across the country.
“We must broaden our exports. Our current account deficit this year is the second worst in the developed world, better only than Greece. According to the IMF ours will be the worst in the developed world in 2013 and 2017. This is serious.
“We need modern manufacturing companies using technology and machinery to create good products that sell for high prices overseas. Those export companies create the exports, jobs and higher wages we need.
“The Manufacturing Inquiry by opposition parties, which National decries as unnecessary, will help identify the extent of the decline and the solutions New Zealand needs for good jobs, incomes and exports.”
Manufacturing exports by type 2008-2012 – 2008 dollars with percentages….