Exports to China have fallen by 27 per cent over the last 12 months - showing that the looming economic slowdown should have been expected by the Government, says Labour’s Economic Development Spokesperson David Clark.
“The Chinese economic slowdown should have surprised no one, but National has been caught flat-footed. It’s clear that China has been slowing down for some time but National has done nothing to diversify our markets to prepare for days like Black Monday.
“National will no doubt cherry pick the best statistics they can find to talk down the economic slump. The truth is there is a goods trade deficit of $649 million dollars this year.
“Exports are how we pay our way in the world. They are a vital part of the New Zealand economy and under this Government they are going backwards.
“National was elected on a promise to grow our exports to 40 per cent of GDP. After seven years it’s dropped below 30 per cent and is projected to fall further still.
“If we want better jobs for New Zealanders, we need to be growing our exports, and investing in the productive economy. The growing goods trade deficit and failure to offset falls in exports to China are further signs National’s economic management isn’t working,” says David Clark.