AUSTRALIAN TRADE

Press, Volume LXXXIX, Issue 26987, 12 March 1953, Page 9

AUSTRALIAN TRADE

Big Surplus For Half-Year (Rec. 10 p.m.) CANBERRA, March 11. Australia’s overseas balance for the six months ended December 31 showed a surplus of £74,100.000 compared with a deficit of £316,700,000 for the same period last year and a surplus of £101,000,000 for the whole of 1950-51. The improvement of £390,800.000 in the balance position for the first half of this financial year compared with the first half last year, exceeds Government expectations. The Government took emergency measures through import cuts to restore the balance 10 months ago. The favourable balance of £74,100,000 in the current account for the half-year and adjustments from the capital account increased the international reserve for the first half of thip year by a total of £75,500,000. The only unfavourable feature of the latest international balance-sheet is the continuing heavy deficit with the dollar area. For the six months ended December 31, there was a dollar deficit equivalent to £38,500,000. By comparison, the last six months showed a surplus of £37,800,000 with the sterling area and of £66.800,000 with the nonsterling non-dollar area, compared with deficits of £226,500,000 and £66,700,000 respectively for the same period of the previous year. Total trade earnings for the halfyear were £401,600,000 compared with £315,700,000 for the same period of the previous year. The biggest single improvement in the debit side of the balance-sheet was the fall in the cost of imports to £215,300,000 compared with £533,200,000 for the corresponding period of the previous year.