Current economic climates may be difficult, but New Zealand’s trade is set to grow at an annualised rate of 5.88% over the next five years, says HSBC.
Last year’s collapse in global trade in goods and services in the world’s 30 most industrialised economies continued into the first quarter this year but the rate of decline has slowed, the OECD says.
Among all 30 member economies, including New Zealand, the value of exports fell 13.4% compared with the previous quarter while imports declined 15.2%. In the fourth quarter of 2008, exports fell 18.5% in value on a quarterly basis and imports 18.4%.
Compared with the first quarter of last year, goods and services exports plunged 27.1% in value and imports 27.9%.
New International Monetary Fund figures show world trade collapsed by 45% over the last three months of 2008, as the International Labour Organisation (ILO) warns that up to 51 million jobs could disappear by the end of this year.
The IMF’s World Economic Outlook update, released this morning, is predicting global growth to slump to 0.5% over 2009, the lowest rate since WWII. This is a massive downwards revision of roughly 1.75% from its November update.
New Zealand trade diplomat Crawford Falconer, who leads the agriculture negotiators in the stalled Doha Round, has urged other participants to show changed positions “within days” if they are to fulfil pledges made by world leaders at the G-20 financial summit in Washington last weekend.
One of the main outcomes at the summit was a commitment to “strive to reach agreement this year on modalities” in the Doha Round as one means to resolve the crisis in financial markets and the world economy..