Report Title:

Hawaii's Balance of Trade; DBEDT

Description:

Requires the Department of Business, Economic Development, and Tourism to report annually to the Governor and the Legislature on Hawaii's balance of trade.

THE SENATE

S.B. NO.

1043

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO HAWAII'S BALANCE OF TRADE.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. A state's balance of trade is a reflection of its economy. Currently the State imports more goods and services than it exports. In order to avoid a deficit and ensure a prosperous economy, the State needs to generate enough goods and services to meet Hawaii's population needs, while becoming less dependent on outside goods. Having an annual report showing imports and exports data would served as a barometer of the State's economic growth.

The purpose of this Act is to require the department of business, economic development, and tourism to submit an annual report of the State's balance of trade to the governor and the legislature.

SECTION 2. Chapter 301, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:

"§201- Balance of trade statistics; annual report. (a) Beginning August 31, 2003, and annually thereafter by June 30, the department shall prepare a report to the governor and the legislature about Hawaii's balance of trade. The report shall include, but not be limited to, the following:

(1) Charts showing the amount of total imports and exports in dollar amounts, categories, and fluctuations within a ten-year period;

(2) A breakdown of all products and services for each category in the last ten years; and

(3) Identification of data collection problems and recommendations on how to improve data collection and reporting.

(b) For purposes of subsection (a), the department of taxation shall provide available and appropriate data to the department about entities that import and export."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2003.

INTRODUCED BY:

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