Balance Of Payments Improvement

Press, Volume CI, Issue 29892, 4 August 1962, Page 14

Balance Of Payments Improvement

(New Zealand Press Association)

WELLINGTON, Aug. 2. There was a surplus of £6.9 million in New Zealand’s overseas exchange transactions for the year ended June 36, 1962, compared with a deficit of £57.6 million in the year ended June 30, 1961, the Reserve Bank announced today. The current account deficit this year was £18.6 million compared with £67.0 million in 1961. the improvement being brought about mainly through a reduction of £54.7 million in payments for imports. Export receipts, at £293m. were virtually unchanged, but a rise of £31.2m in Government capital receipts brought total receipts to £334.1m, or £ 32.2 m above last year’s figures. Details of receipts and payments in the yean ended June

30. 1961, and 1962. are as follows :

Receipts Years ended June 1SS5 1992 Exports— £m Em Butter 40.3 43.3 Cheese 18 3 1S.9 Meat 82.6 78.8 Wool 100 0 100.4 Other 52 JI 51.4 Other current rece.pts 31.3 30.0 Capital Receipts— 17.1 48.3 Private • 5 1?X) Totals 351A 384.1 Payment Imports— Govt. 25.5 24.4 Private 387 5 233.9 Other Current Paymerits— Govt 16 .1 17.& Private 83 2 86.1 Capital Payments— Govt. 10 7 28.9 Private 6.4 5.8 Total payment* 4004 377.1 Balance -81.8 4-84