AUSTRALIAN TRADE

Press, Volume C, Issue 29638, 7 October 1961, Page 8

AUSTRALIAN TRADE

Small Share By Britain (N.Z.PA.-fisuter—Ctwripht) CANBERRA, October 5. Britain had the smallest share of Australia’s overseas trade in the year ended June 30 of any yean, since the war, according to official figures released today. These show that during the last financial year Australia bought only 31.4 per cent, of her imports from the United Kingdom, and sold only 21.5 per ctnt. there. This con. firmed the decline in trade evident over recent years. In the year ended June 30. total imports were worth £1,805.4 million, of which Britain provided £340.8 mil. lion, and exports 'of £929 million, of which Britain took £2OO million. Australia has begun this overseas trade year with a favourable balance of £35,900,000 for the first quarter compared with a deficit of £87,800,000 for the first quarter of last year.

Australia had a favourable trade balance of £14.800,000 in September, which contrasts with a deficit of £23,400,000 in September last year.

Imports amounted to £87,100,000 for the month, and exports to £81,700.000. Trade authorities said the low import figure—the lowest for more than 12 months —reflected tight credit for imports, and stocks already held in Australia. The high export figures reflected further shipments of wheat to Communist China and sev. era! European countries. The figures do not include the cost of freight and insurance payable on imports, estimated to cost about £l5 million annually. In the last five months, there have been favourable trade balances in each month —£14.3 million, £23 million, £16.4 million, £4.9 million, and £14.6 million respectively. , ■