Current account surplus in July

Press, Volume CXI, Issue 32702, 3 September 1971, Page 2

Current account surplus in July

New Zealand’s overseas exchange transactions showed a surplus of 80.4 m on current account in the 12 months ended July.

In the previous 12 months the surlplus was $39.7m, and in 1969-70 the surplus was $64.1m, but in the year ended June, 1971, there was a deficit of nearly sBm. The Reserve Bank, releasing the July figures through the Press Association yesterday, announced that overseas reserves at the end of the month totalled ssl2.7m—a record. “As the current account was virtually in balance, the increase in reserves was due to a sizable capital account surplus and the second allocation of Special Drawing Rights by the International Monetary Fund," the bank says. The main items in the month’s receipts and payments are as follows: RECEIPTS

Year to July 1970 1971 Exports 9m 1139 •m 1213 Other receipts— Current . 139 215

Capital .. I.M.F. ... U 23 199 20 Total 1480 1645 espessaee PAYMENTS Imports— Govt 47 63 Pvte us MS Other Current— Govt 71 78 Pvte 297 325 Capital .. l.M.F 85 18 83 Total 1381 1513 Details of export receipts are as follows;— Year to July 1970 1971 |m Im Butter 122 126 Cheese 51 52 Other dairy 72 M Meat 415 427 001 221 209 Other animal _ prods 89 96 Forest prod. Other primary 68 77 prods 44 52 Manufactured i 69 9 83 5 i ■ i Total 1159 1219