2. Economy—Export Sector Performance and Government Financial PositionJOANNE HAYES (National) to the Minister of FinanceEconomy—Export Sector Performance and Government Financial Position2. JOANNE HAYES (National) to the Minister of Finance: What reports has he received on the success of New Zealand's exporters?Hon STEVEN JOYCE (Minister of Finance): The exporters are doing well on the world stage. Last Friday figures were released showing that our exporters sold $70.4 billion of goods and services in the last 12 months which is a $3 billion surplus for the year to March. Also our terms of trade are out now and they are the strongest they have been for 44 years. The figures released record a 5.1 percent increase in the March quarter and are up 7.8 percent on a year ago. That is good news because the terms of trade are of course the price that we achieve for our exports. There is a strong and broad upswing in export prices and also export opportunities for New Zealand firms. Joanne Hayes: What is New Zealand's current account deficit and how does this compare with the normal economic cycle?Hon STEVEN JOYCE: New Zealand's current account deficit is currently $1.6 billion for the latest quarter. It is a $420 million improvement over the previous result. This means we have the lowest current account deficit since March 2014. The services component alone recorded a $1.2 billion surplus. This is partly driven by New Zealand's increasingly successful tourism industry alongside the education sector and business services. Given that New Zealand's economy has grown in all but one quarter over the last 6 years these results show the contribution our exporters are making to increase this country's wealth. Joanne Hayes: How is the Government improving the ability of New Zealand's exporters to sell their goods and services overseas?Hon STEVEN JOYCE: Under the Government's strong economic leadership New Zealand is shaping globalisation to its advantage. We have embraced increased trade new technologies innovation and investment. For example Minister McClay is ensuring work on Trans-Pacific Partnership (TPP) 11 continues. It stands to improve access for New Zealand exporters and lower tariffs around the Asia-Pacific region including in Japan—the world's third-largest economy. Successfully implementing TPP 11 would generate tariff savings of $222 million to New Zealand goods exporters each year once the agreement is fully in force.Joanne Hayes: What else is the Government doing to assist growing and exporting companies?Hon STEVEN JOYCE: Earlier this year the Prime Minister launched our Trade Agenda 2030 strategy. It aims to get 90 percent of our exports covered by free-trade agreements by 2030. We are increasing our focus on services and investment digital innovation and tackling non-tariff barriers. We have backed this up with a new $91 million investment in trade policy. Under this Government's consistent economic plan our exporters are expanding hiring more staff and successfully taking on the world. [Interruption]Mr SPEAKER: Order! Can the interchange between Dr David Clark and the Hon Steven Joyce cease immediately. If they want to have a discussion or a friendly chat go to the lobbies to do so.