EXTERNAL TRADE

Press, Volume LXIV, Issue 19258, 13 March 1928, Page 11

EXTERNAL TRADE

DECIDED IMPROVEMENT. FIGURES FOR THIS YEAR. "We can safely anticipate an improvement in the trade balance at March 31st of £10,000,000 over the 1926-1927 figures," said the Hon. Mr McLeod, Minister for Industries and Commerce, to a representative of The Pkkss last evening. An adverse balance of £3,000,000 would be converted into a favourable one of £6,000,000 to £7,000,000.

The Minister supplied a statement with reference to the Dominion's external trade prepared by his Department. Taken with figures prepared by the Customs Department these disclose the extent of the improvement. The figures given show that the value of the exports during February was nearly £8,000,000. This is a record, being well on to £3,000,000 more than for the corresponding month of 1927, and more than double *he value of the imports for the month. The value of the exports during February, as in January, was considerably increased by the increase in dairy produce shipments and the marked appreciation in the price of wool.

The exports last month totalled £7,842,822, as against £5,015,451 in February, 1927, an increase of £2,827,371, and £236,437 more than January, 1928. The imports for February were £3,578,238, compared with £3,292,610 in February, 1927, an increase of £285,628.

The following were the figures for February, 1928, with those of February, 1927, in parentheses: —Exports, £7,842,822 (£5,015,451); imports, £3,578,238 (£3,292,610); excess of exports, £4,264,584 (£1,722,841). Taking the combined figures for the months of January and February, the improved position is even more marked. Two Months Compared. The exports for the two months of this year totalled £15,449,207, as against £10,220,591 for the corresponding period of last year, an increase of £5,228,616, or well over 50 per_ cent. The imports during the same period of this vear totalled £7,348,258, recording an advance of .£44,588 on January and February, 1927, for which the total was £7,303,670. The excess of exports for the two months of this year was thus over £762,000 more than the total value of the imports for the period. The extent of the improvement in 1927 may be gauged by the following figures:— EXPOKTS. 1927 .. .. .. £48,496,354 192G .. .. .. £45,275,575 Increase in exports .. £3,220,779 IMPOIiTS. 1926 . .. •• £49,889,563 1927 .. .. .. £44,782,946 Decrease in imports £5,106,617

Favourable Balance. The amount of the increase in exports, plus the amount of the decrease in imports, means that our external trade balance has turned in favour of tho Dominion during the past 12 months to the extent of £8,327,396.

For the year ended December 31st the most noticeable items contributing to the increase in exports are butter, £2,220,193, and wool, £1,121,556. Other items showing appreciable advances on the previous year are lamb, £418,576, and hides, £120,094. Thcro were a few noteworthy decreases, namely:—

Pliormium fibre .. 52,470 Cheese .. .. 356,763 Rabbitskins .. 146,507 Kauri gum .. 54,133 Timber .. .. 50,292 The decrease in imports in 1927 compared with 1926 is due mostly to reduced purchases of the following:— 1927. 1926. Motor vehicles .. 2,037,103 3,632,277 Wheat .. .. 228,492 603,195 Motor spirit .. 1,914,727 2,417,090 Coal .. .. 515,801 093,870 There were smaller reductions in almost all classes except drapery, silks, and tyres and tubes for motor vehicles, all of which showed slight increases for the previous year. A glance at the following table will clearly indicate the movement during the past two years of our exports and imports by countries. The table shows the percentage' of exports sold to, and the percentage of imports purchased from, the following countries! —

nig:— During 1926 British Empire countries bought 87.30 per cent, of our exports, and in 1927 they purchased 88.19 per cent., an increase of .89 per cent. In return New Zealand increased its purchases from Empire countries by .31 per cent., the comparative figures being 68.59 per cent, in 1927, and 68.28 per cent, in 1926. The Dominion sold goods to the v.-.lue of £42,765,382 to Empire countries in 1927, and bought articles valued at £30,717,047 within the Empire.

With Australia. t A satisfactory improvement in favour of New Zealand during the past twelve months has also taken place in the trade with Australia. The total value of all exports in 1927 was £3,670,462, as compared with £3,054,433 in 1926. Some of the most interesting items were as follows: —

EXPORTS. J 920. 1027. p.c. p.c. United Kingdi am .. 77.53 76.04 Australia 6.75 8.07 U.S.A. .. Mil 5.53 Canada 1.30 3.43 Germany .80 2,35 France 1.50 IMPORTS. 2.08 1926.' 1327. p.c. p.c. United Kingdo ra ■ ., 45.60 47.93 Australia 3.27 S.64 U.S.A. .. 20.05 18.04 Canada 6.88 0.11 Germany 1.35 1.87 France 1.63 Empire Trade. 1.99 As far as Empire trade is concerned New Zealand is conr uing to extend its policy to buy as much as possible within the Empire, and the following figures make interesting and satisfactory read-

1926. 1927. Butter 289~4S3 741,957 Cheese 40,478 44,762 Meat, frozen, pork . . 11,910 67,892 Bacon and hams 24,904 20.575 Meats, preserved, and other kinds 42.824 40,205 Milk, preserved 29,437 31.023 Beans and peas 34.329 42,766 Oats 4,388 88,471 Onions 9,340 7 Potatoes 132,072 2.093 Livo animalsCattle ."i.932 2.845 Horses 67.651 56.349 Sheep 19.333 30.403 Calfskins 44,129 68,836 Cattle hides 193,703 207.192 Opossum skins 13.787 2.093 Rabbitskins 1,704 2,441 Sheepskins (with wool) 7S7 795 Pelts 79,471 93.585 Wool 142,220 376.200 Hemp and ton135,639 117,072 Grass ?nd clover seeds 64.598 42.637 Linseed 4.974 4.625 T3II01V ... ... • 37.373 25.698 Bunker coal 58,262 48.402 Gold 456,812 403,945 The total value of the principal imports from Australia in 19 27 was £3,870,636, as compared with £4,628,'200 in 1926, A notable decrease was iu coal—from £618,6 77 to £3 14.992.