Current account gains

Press, Volume CXI, Issue 32797, 23 December 1971, Page 2

Current account gains

(N.Z. Press Association) WELLINGTON, December 22. For the year ended November, 1971, New Zealand had a current account surplus of $32.7m, compared with $20.4m for the year ended October, 1971.

The improvement resulted from a healthy rise in November export receipts, said a statement by the Reserve Bank' today. ’ Export receipts, at $1,255.8m were up 8 per cent compared with 1969-70, when the increase was 6 per cent over the year ended November, 1968-69. The largest increases were for dairy products, meat, other animal products and manufactured exports. Receipts from, wool declined slightly.

The slowing in the rate of increase for total import payments, which has been evident since earlier in the year, continued in November when payments were only slightly above those for the corresponding month in 1970. Of the $72.7m rise in total import payments during the year, only $21.1m came in the second six months.

Meat exports accounted for s3om of the s93m increase in export receipts in the year ended November 30, according to the Reserve Bank’s monthly statement of overseas exchange receipts. Wool receipts folk a, further s4m and are now s29m lower than they were two years ago. Export receipts

from manufactures rose a further slsm and have now risen 50 per cent in two years. Details of export receipts are:

MCIIPTS Year to November 1970 1971 $m 8m 1,163 108 1,250 234 Capital receipt*— Govt 42 70 Private 76 143 I.M.F.—S.D.R. 24 19 »«***» Total .. 1,471 1,723 PAYMENT* Imports— Govt 53 03 Private 914 977 Other current— Govt 70 70 Private J06 341 Capital— • Govt debt 21 32 Other off. 8 S Private 86 M LMJ. 12 Total 1.5M BALANCIS Trade +195 +210 Invisible —MB -183 Current a/c -13 +33 Capital a/c +33 +12 +113 +19

Year ended November 1970 1971 *m Butter no 138 Cheese . 49 58 Other dairy 80 80 Meat 408 438 Wool .. 215 210 Other animal 90 103 Forest prod. 72 81 Other primary 47 52 Manufactures 75 91 Mine. 8 8 Total .. £183 iSS