Trans-Tasman Trade Imbalance Reduced

Press, Volume CVIII, Issue 31587, 26 January 1968, Page 26

Trans-Tasman Trade Imbalance Reduced

(New Zealand Press Association) AUCKLAND, January 25, The latest Australian statistics show that the gap between the value of New Zealand exports to Australia and Australian exports to New Zealand is closing, according to the Australian Government Trade Commissioner in Auckland (Mr K. J. Cosgrave).

He was commenting on press reports that Australian exports to New Zealand had continued to rise at a much faster rate than the Dornin-

ion’s exports to Australia since the free trade agreement between the two countries came into force on January 1, 1966. The reports said the trade imbalance with Australia had widened.

“The latest official Australian statistics available show that for the first four months of the current Australian financial year (July 1, 1967, to October 31, 1967) New Zealand exports to Australia were worth sAustlB.9m, an increase of sAust3.9, or 26 per cent, on the sAustlsm worth exported to Australia in the sar ■ four-month period in 1966.” Mr Cosgrave said. “In the same period of the 196”-68 Australian financial year, Australia’s exports to New Zealand were worth of sAust3.9m, or 26 per cent, on the sAustlsm worth ex- ! sAustsB.lm, a decrease of sAust7.3m or 11 per cent oni the sAust6s.4m worth exported to New Zealand for! the period in 1966” Mr Cosgrave said these figures showed that tn the first four months of the current financial year, New Zealands’ trade imbalance with Australia had been reduced by almost 25 per cent. Another factor supporting this trend, he said, was the marked increase in New Zealand timber exports to Australia since last October, when the duty on New Zealand Douglas fir on the Australian market was removed. “There is every reason to expect this trend to continue as the effects of devaluation between the two countries come into play,” Mr Cosgrave said.