November Export Receipts Rise

Press, Volume CIV, Issue 30943, 27 December 1965, Page 11

November Export Receipts Rise

(New Zealand Press Association)

WELLINGTON, December 26. Export receipts last month totalled <£26.4m—£lm higher than in November, 1964. Private export receipts rose £7.Bm to £32.9m; and Government receipts were down by £300,000 £2.Bm.

These changes, with an increase of £2.5m to £6.4m in the deficit on “invisible” transactions, resulted in an increase of £9m to £15.8m in the deficit on current account.

Last month, excluding the drawing of £22.3m from the International Monetary Fund, there was a net capital inflow of £o.4m—compared with one of £o.2m in November. 1964. For the first five months of the import licensing year to end on June 30, 1966, import payments were £24.8m higher than in July-November, 1964 (Government up £3m to £15.8m; private up by £2l.7in to £147.6m). This rise was partly offset by an increase

of £7.lm to £144.8m in receipts from exports. The deficit on net “invisible” transactions rose by £3.4m to £29.5m, and the current account deficit of £48.1m was £2lm greater than in July-November 1964. The net capital inflow totalled £3O. Im, compared with a net outflow of £o.sm in JulyNovember, 1964. This capital inflow, which helped to reduce the drain on the banking system’s overseas reserves, included a net inflow of £7.6m on account of Government capital transactions, the drawing in last month of £22.3m from the 1.M.F., and a net inflow of £o.2m of private capital.