Deficit $35m to Feb.
New Zealand’s overseas exchange transactions showed a deficit in the year ended February, for the fourth month in succession. The deficit, according to figures released yesterday by the Reserve Bank, was s3stn —the largest since the year ended February, 1968, when a deficit of s4sm was recorded. The deficit in the vear to January, 1971, was s23m, and. in the year to December, 1970, was s26m. In the year ended February, 1970, a surplus of s9sm was shown. The deterioration is attributable to a rise of 19 per cent in import payments, only partly offset by a rise in export receipts.. The capital account surplus was $14.1m. A net outflow on account of official capital transactions was more than offset by a net private capital inflow of s4om. A large portion of the private capital inflow was associated with the aluminium smelter project at Bluff, but valuable contributions were also made to other sections of private investment in New Zealand. The following table summarises the transactions.— Years Ended February 1970 1971 Chge
Exports of manufactured goods—up 73 per cent in two years—continue to show the fastest rate of growth of any category of New Zealand’s exports. In the year ended February, 1971, they totalled $BO. Im, exceeding —for the first time—exports of forest products ($75.6m),
and virtually equalling exports of daily products other than butter and cheese ($80.4m). Details of exports for the last three years are.— Year Ended February
($NZm) Export Rcpts 1125 1155 +30 Import Payments 832 991 +158 Trade Bal. -293 +165 -128 Invis. (net) —198 —200 —2 Current Acc. Bal. +95 -35 -130 Capital Acc. Bal. -57 +14 +70 Overall Bal. +39 -21 -60
1969 1970 1971 (|NZm) Butter 108 122 114 Cheese 42 47 Ml Other Dairy Products 60 68 8C Meat 296 381 409 Wool 207 240 202 Other Animal Products 78 91 91 Forest Products 64 76 Other Primary Products 41 43 46 Manufactured Exports 47 62 80 Miscellaneous 9 8 7 _..— - _—— ——— Total 945 1125 1155
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Bibliographic details
Press, Volume CXI, Issue 32565, 26 March 1971, Page 3
Word Count
337Deficit $35m to Feb. Press, Volume CXI, Issue 32565, 26 March 1971, Page 3
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