Year's Export Receipts Exceeded Imports

Press, Volume CVIII, Issue 31669, 3 May 1968, Page 20

Year's Export Receipts Exceeded Imports

(New Zealand Press Association) WELLINGTON, May 2. Export receipts exceed import payments by sls6m during the year ended March, 1968, according to statistics of overseas exchange transactions released today by the Reserve Bank of New Zealand.

The figures showed there was a deficit of $173.4m on invisible transactions, giving a current account deficit of $17.4m. A net capital inflow of 385.1 m gave an over-all surplus of 367.7 m. During the year ended March, 1968, there was s private capital inflow of $23.3m compared with small outflows in the previous two years. This changed pattern is due to two main factors the sale of Wool Commission’s overseas securities; and an increase in the repatriation of overseas capital by New Zealand residents since devaluation, a large part of which was in small amounts under 320.000.

The net capital inflow of 585.1 m more than financed the deficit on current account

leaving an over-all surplus of $67.7m compared with one of 35.1 m for the year ended March. 1967. Nine Months For the first nine months of the current licensing year export receipts were higher (+328.6m) and import payment were lower (—378.2 m resulting in a surplus on trade tranMction of 3121.8 m which was 3106.7 m higher than that for the Mme period in 1966-67.

The deficit on invisible items, 123.2 m was SBm lower; and the current account deficit of 31.4 m was 3114.8 m lower than that recorded in 1966-67. The het capital inflow of 372.6 m was 342.1 m lower than for July-March, 1966-67, and the over-all surplus of 371.2 m compared with a deficit of 31.4 m in the Mme nine months in 1966-67. When comparing current figures with those of previous years, account should be taken of the devaluation of the New Zealand dollar on November 21, 1967.

This was psrtieularly so in the esse of figures for the month of March and the period January-March, but for longer terms the effects will be leu.

YBAR IHOBB MARCH RECEIPTS 1. Rupert*: N.Z.8 Million) (A) Batter 1968 117.5 109.6 <B> Cheese 54.9 49.4 <C> Other dairy 64.6 product* 52.9 ID) Heat 207.9 247.0 <E> Wool 261.7 151.1 <F> other animal 63.2 product* <G) Foro*t pro•9.2 38.7 duct* 28.0 (H) Other prim31.7 40 1 ary product* .. (I) MlsceUaneou* 16.9 24.0 ■ Total Export* 795.8 787.8 2. Other Current Receipts: 92.2 102.8 Total current 890.6 receipt*: 887.9 1. Capital Receipt*: (A) Government •ale of Invest64.7 ment* 57.0 (B> Govt borrowing 76.9 79.4 (C) l.M.F. Drwg* — 66.8 (D> Other official 14.4 borrowing 45.6 <E> Private 24.0 53.1 Total capital re206.2 268 4 ceipt*: Total receipt*: 1.094.2 1.158.0 PAYMENTS 1. Impart*: 60.7 (A) Government 74.3 (B> Private 648.0 571.1 Total import*: 722.3 631.8 2. Other Current Payment*: (A) Government 56.0 57.2 (B) Private 216.3 219.0 . ■ ■■ Total other current pay276.2 ment*: 272.2 ■■ H ■■■«■ ■■■ '■ Total current payments: 994.6 908.0 S. Capital Payment*: (A) Govt Invest- . ment 51.8 71.0 IB) Govt, debt re24.5 payment <C) l.M.F. repur17.5 31.3 chase* • ID) Other official 26.8 repayment* —■ (E) Private 25.2 29.7 ———— 1 - — 1 Total capital 183.3 payments: .. 94.5 Toial pay1,089.0 1,091.3 ment*:. ' ■ H i ii— * Balance on trade transaction* +73.4 +156.0 Balance on Invisible transac--j80.1 -173.4 tion* Current account —106.6 —17.4 balance: Capital account +85.1 balance: +111.8 Over-all bal+5.1 1 ance: +67.7