Exports Down For January

Press, Volume CIV, Issue 30680, 20 February 1965, Page 16

Exports Down For January

(New Zealand Press Association)

WELLINGTON, February 19. In January, 1965, the surplus of S2 million in New Zealand’s overseas exchange transactions was £4.5 million smaller than in January, 1964.

A small surplus of £0.7 million on trade transactions and a deficit of £3.9 million on invisible transactions resulted in a deficit of £3.2 million on current account. There was a surplus of £5.2 million on capital transaction.

Compared with January. 1964, there was a fall of £8.6 million in export receipts. Receipts from wool fell by £7.5 million to £9.7 million, and receipts from meat by £1.3 million to £5.9 million, but receipts from “other” exports rose slightly. Payments for Government imports rose by £1 million to £3.4 million, but this was offset by a fall of £1.3 million in private import payments, which totalled £23.1 million. Curren invisible payments (Government and private) rose by £1 million to £7.5 million.

On capital account there was a surplus of £5.2 million. The transactions for the month included the receipt of £.3 million from the World Bank, being the first drawing on the loan of £11.6 million granted to New Zealand to help finance the Cook Strait power cable. This drawing was in respect of overseas expenditure already made on the project.

United Kingdom Australia ... Other sterling areas Total sterling area Dollar area E.E.C. countries E.F.T.A. countries (excl. U.K.) Other foreign countries Total

The following tables give the comparisons of overseas exchange transactions over the last three years ending January.

Receipts 1963 <£m) 1964 (£m) 1965 Um) Exports— 33.8 56 4 Butter 48.4 Chocs* 19.4 20.3 23.0 Meal 90.7 92.8 102.6 Wool 101.1 131.5 127.6 Other 55 .2 62.4 74.9 Total exports 314.9 360.8 384.4 Other current receipts 28.7 33.3 38.1 Total current receipts 343.6 394.1 422.6 Capital Receipts— Govt. .. 1».2 10 1 24.3 Private 11.3 6.9 15.8 Total capital re40 0 ceipts . 30.5 18.9 Total re462.6 -eipts 374.1 413 6 Payments Imports— Govt. 25.1 26 1 31.8 Private 230.2 281.6 294 4 Total Imports Other Cur255.3 307.7 326.3 rent Payments — 19 6 Govt. 18.0 19 0 Private 67.9 74.4 84 9 Total current pay430.7 ments 341.3 401 2 Capital payments— 10 9 Private 5.5 6.1 Total capita pay. . 20.5 12.8 33.4 Total pay. 361.8 414.0 464 1 Balance on trade transactions .. + 59.6 + 53.1 + 58.2 Invisible balance .. -57.3 -60.2 -66 3 Current a/c bal. .. 4 2.4 -7.1 -8.1 Capital a/c bal. .. + 10.0 +6.1 4 6 6 Overall bal. + 12.3 -0.9 -1.6 Balances with currency areas in the years 961-1964 on country-of-settlement basis 1961 1962 1963 1964 <£m) <£m) <£m) (£m) -21.4 + 17.2 oo 4 4 7.2 4-37.7 -36.6 -42 J -48.6 - 7.5 - 4.9 - 6.2 -6.0 — 66.6 -58.7 -71.3 - 61 R -» 8.6 +25.3 + 17.5 4 4 3 +30.0 +39.7 + 44.5 +5.3 2.9 -2.0 —4.2 6.4 4 14.2 + 8.1 + 8.9 + 10.6 -16.6 + 12.4 —4.5 + 3.0