OVERSEAS EXCHANGE Transactions For 1969 A Record

Press, Volume CX, Issue 32210, 31 January 1970, Page 44

OVERSEAS EXCHANGE Transactions For 1969 A Record

(New Zealand Press Association) WELLINGTON, January 30. New Zealand had a record current account surplus of $96.3m in overseas exchange transactions for the year ended December, 1969, the Reserve Bank announced today. Both exports and imports were a record. Export receipts rose by $162.4m to slloB.lm and imports rose 15.2 per cent from $7083m to $815.8m.

The over-all balance, after including the capital account, was s6lm compared with a deficit of $27.9m in December, 1968.

The Reserve Bank said the most significant export growth was in meat which, at $369.3ni was $72.1m up on the previous 12 months. This reflected the higher prices received in the United Kingdom, the United States and Japan as well ! as increased sales.

A substantial market for j beef developed in Canada and [boosted meat returns from that country by $24.1m to $27.9m. Wool receipts rose by !$39.8m to $240.9m with auction prices up about 10 per I cent on 1968. In addition, the | bank said, more wool was exiported due partly to the drawings from the Wool Commission's stockpile. I Butter exports were up $12.8m comparer) with 1968, I to $121.1m. The increase showed the improvement on •the United Kingdom market when: non-traditional supplies were reduced under the ; 1969-70 quotas. ; Cheese receipts, which fell > in 1968, rose 52.5 m in 1969 - after an increased quota to the United States. The “miscellaneous" re-! ceipts rose by $14.2m to $53.3m because of greater exports of manufactured goods,

particularly to Australia and the Pacific area. The record imports figure was due both to an increase in volume “which has followed the return to a higher level of economic activity internally” and increased overseas prices, the bank said. The net capital outflow totalled s3S.3in, $65.5m lower than in 1968.

Overseas exchange transactions in tabulated form were: RECEIPTS SNZ million

Over-all balance —27.9 +61.0 '. Note: The New Zealand do!- . 1 lar was devalued by 19.45 per cent on November 21. 1967, and ■ this effects comparability.

Year ended December 1968 1969 i Exports: | Butter 10R.3 121.1 I Cheese ' Other dairy pro42.a 45.1 ducts 66.8 64.0 1 Meat 297.2 369.3 1 Wool Other animal 201.2 240.9 1 products 80.0 91.4 Forest products i Other Primary 57.9 63.9 products 52.8 59.3 1 Miscellaneous . 39.0 53.3 ■ Total exports 945.8 1108.1 (Other current receipts .. 139.9 151.3 Total current receipts 1085.7 1259.5 Capital Receipts; Government sale of investments 69.0 30.2 Government borrowing 66 9 27.41 I.M.F. drawings Other official bor- — —• rowing — — Private 43.7 54.5 Total capital receipts 179.5 112.1 Totai receipts 1205.3 1371.5 PAYMENTS Imports: Government 51.7 46.9 Private 856.8 768.9 Total imports Other current pay708.3 815.8 ments: Government 63.8 86.2 Private 240.9 281.1 Total other current payments 804 6 347.3 Totai current payments 1012.9 1163.1 Capital payments: Government investment 72.0 36.9 Government debt repayment .. 44.4 17.5 I.M.F. purchase *Other official re88.6 18.4 payments 36.2 27.8 Private 39.1 46.7 Total capital pay- • ments 280.3 147.4 Total payments .. 1293.2 1310.5 Balance on trade transactions +237.5 +292.3 'Balance on invis1 ible transactions .. —IM.* —196.0 'Current account balance —1* / 2.9 -i-96.3 Capita! account balance .. - -100.8 —35.3