Overseas Surplus £4.5m For Year

Press, Volume CIII, Issue 30499, 22 July 1964, Page 10

Overseas Surplus £4.5m For Year

(New Zealand Press Association)

WELLINGTON, July 21. New Zealand’s over-all overseas exchange surplus fell £16.5m to £4.5m in the year ended June, 1964, compared with last year, the Reserve Bank announced in a statement today.

The rise of £50.8m in export receipts was offset by the increases of £49.5m in import payments. Thus the surplus on trade transactions of £64.3m was only £l.3m higher than in the previous year. The over-all surplus for the year is reflected in the increase of £5.4m iq the net overseas assets of the banking system, which totalled £lol.lm on June 24. Increased receipts from all the main types of exports contributed to the rise in total export receipts from the previous peak figure of £335.9m (1962-63) to a new record of £386.7m. Receipts from “other exports” rose by £12.4m to £69.7m, with increases in all commodity groups. Casein, milk powders and other sundry milk products rose by £3m, meat by-products by £4.9m, pulp, paper and timber by £2.2m, and other items by £2.3m. Private Imports Private import payments of £2Bm in June brought the total for the year to the record level of £293.2m, compared with £247.3m in 1962-63. Payments for government imports increased during the year by £3.6m to £29.2m. The increase of £l.3m in

the balance on trade transactions was more than offset by the increase of £5.3m in the deficit on “other” current account transactions. The surplus on current account (£l.6m) was £4m less than in the year before.