OVERSEA TRADE FIGURES

Press, Volume LXXXIV, Issue 25581, 24 August 1948, Page 4

OVERSEA TRADE FIGURES

BUOYANCY OF EXPORT INCOME SURVEY BY MR NASH (P.A.) WELLINGTON, August 23'. There was a substantial excess of exports over imports for the first five months of 1948 (January to May), says a statement issued this evening by the Minister of Customs (Mr W. Nash). Exports at £75,917,000 exceeded imports by £16,053.000. The average monthly export values up to May this year were more than £3,000,000 higher than those for the corresponding period in 1947 and almost £6,000,000 higher than the average monthly values for the first five months of 1946. Exports in May, 1948, were £17,643,000, the highest ever recorded apart from February of this year. ImSorts at £9,827,000 were lower in value lan in the previous month. The excess of exports over imports for May was £7,816,000. Figures for the 11 months of the ?roduction year which began in July. 947, illustrate the buoyancy of export trade, continues the statement. Over those months exports exceeded those for the whole 12-monthly period ended December, 1947, by £1,619,000. From July, 1947. to May, 1948, exports totalled £131,025,000 and imports £135,671,000, resulting in a surplus of imports over exports of £4,646,000. “It may appear from the mbre favourable trend in the first months of 1948 that the Government’s policy of stricter limitation of imports could be relaxed,” says the statement. “However, it must be remembered that last year New Zealand was not able to live within its export income and that excess exports over imports from January to May of this year is only £414,000 greater than in the same period of 1P47. Furthermore, figures for 11 months of the production year beginning July, 1947, show that the excess of imports for the period, though being reduced, was still substantial. In comparison there was £25,316,000 excess of exports over imports from July. 1946. to May. 1947.” All figures are stated in terms of the exchange rate before August 19.