EXPORT TRADE SURPLUS

Press, Volume XCIV, Issue 28131, 21 November 1956, Page 7

EXPORT TRADE SURPLUS

Higher Income From Produce Sales OVERSEAS EXCHANGE CREDIT (New Zealand Press Association) WELLINGTON, Nov. 20. A surplus of £4,600,000 was recorded in New Zealand’s overseas exchange transactions for the year ended October 31. 1956, according to -a Reserve Bank statement released today. This is an improvement of £29,400,000 over the last October year’s deficit of £24.900.000, and the first time in two years that the annual figures have shown a surplus. Total receipts, £322,200,000, were £28,400,000 greater than those of last year. The major contributing factor was the higher export income, which rose from £243,900,000 in 1954-55 to £280,800,000 in 1955-56. In the individual export classes, cheese has shown the largest increase, caused by the firm prices which have prevailed for some time. All other items have increased with the exception of wool, which remained stationary. The increased export income was offset by smaller “other receipts,” which fell from £46.500.000 in 1954-55 to £41.500,000 in 1955-56. This is a reflection of reduced capital receipts in both the Government and the private sectors. Private Imports Down Private imports. £235.000.000, were down by £9.000,000 over last year’s figure. This was off-set, however, by the increased Government imports of £6,700,000. which were £26,900.000 for the year. However, the total Government payments for imports and “other” items showed little change when the reduction in the latter is taken into account.

For the month of October, a deficit of £5.000,000 was recorded, compared with deficits of £8.400,000 in September. and £13.200.000 in October. 1955 All the export classes contributed to this increase over September figures, with the exception of butter. Included in “other receipts” are further subscriptions of £2,700,000 to the recent London loan. By comparison with September, total payments also increased by £2,200,000 to £27,400.000. The main reason was the greater volume of private import payments during the month, £21.500,000, as against £18,200,000 in September and £21.900,000 in October, 1955. Details of receipts and expenditure are:—

Receipts Year to Year to Oct., 1955 Oct., 1956 (£1000) (£1000) Butter .. 45,040 49,530 Cheese .. 13,792 22.749 Meat .. 54,442 70.806 Wool .. 95,147 95,322 Other 35.501 42.378 Pre-payments 3,363 — • — Total .. 293,802 322,236 Government— Expenditure Debt interest .. 3,272 3,175 Imports 20,163 26,880 Other .. 15,318 9,238 Private— Imports ,. 243,950 234,974 Other payments .. 35,947 40.015 Net contra, pre-pay. — 3,363 Total .. 318,652 317,646