Payment Deficit £23.6m For Year

Press, Volume CV, Issue 31045, 28 April 1966, Page 16

Payment Deficit £23.6m For Year

(New Zealand Press Association) WELLINGTON, April 27. During the year ended March, 1966, receipts for exports exceeded payments for imports by £15.9 million and there was a net deficit of £74.6 million on current invisible transactions, according to a review of overseas transactions issued by the Reserve Bank today.

! ducts (+£l.B million), other • primary products (+£2.5 mil- . lion) and miscellaneous ex- : ports (+£l.B million). I Import payments, compared ■ with those for the previous , year, rose by £42.7 million to i £371.2 million. Payr ents for Government - imports were £3.7 million - higher and payments for pri- > vate imports increased by : £39.0 million to £334.9 mil- ■ lion. > On trade transactions the - surplus fell by £39.9 million. > On invisible transactions the net deficit rose by £6.6 mil- - lion, making the deficit on 1 current account £46.6 million - higher, said the review. 7 The net capital inflow in- - creased by £29.1 million to . £35.2 million.

On current account, there was a deficit of £58.8 milmill’cu. On capital account, largely because of the use of International Monetary Fund resources, there was a net inflow of £35.2 million. Thus, the over-all balance was a deficit of £23.6 million. Compared with the previous March year, export receipts rose by £2.8 million to £'87.1 million. There were falls in receipts from butter (—£l.9 million), meat ( —£o.s million), wool ( —£5.3 million), and forest products ( —£o.3 million). These were more than offset by rises ir receipts from cheese and other dairy products excluding butter (+£4.7 million), other animal pro-