Tasman trade gap closes suddenly

Press, Volume CXVI, Issue 34084, 23 February 1976, Page 2

Tasman trade gap closes suddenly

D.XEY, February 22. I'he Tasman trade imbalance, usually quoted about 3:1 in Australia’s favour, fell to under 2:1 in the' first five months of this trading year.

Australian trade r statistics lor the period. ' .July to November. showed that New Zea- t land made sales in Australia of SAust9.’J.9.’lm. ' while Australia made d sales to New Zealand of <■ S Aust 181.16 m—a trade imbalance of onh 1.93:1. • r Greatlv reduced New Zea-

land importing, plus in later 1

months the effects of New < Zealand's 17 per cent devalu-'i ation. are thought to lie he-1 hind the dramatic decrease ini I the imbalance. i A high-ranking team of Aus- I Italian trade officials will visit Wellington next week for|i discussions on trade, and to I continue the over-all review'i of the New Zealand- ' Australia Free Trade Agreement. i The New Zealand exports; to Australia in the five! months were .SAustl I.lBm up 1 on those for the same period i in the previous trade year.i This was a rise of 13.5 per 1 cent, slightlv better than the I p evious vear’s rise !' Bu’ Australian e- norts to ' New Zealand in the five' months were sAustss.46ml' 'ess than those of the same; period a year before, a drop of about 23.4 per cent, com-!' oared with a 20 per cent rise!" the vear before. The figures mav show only - a temporary trend, but Aus-J tralian officials are sure thai •' the full trade vear will show , an imbalance of much less , t’ in the 2.93:1 recorded in| the 1974-75 trade vear. It is likely that the figures will reduce the impact of any.; comments the Prime Minister; <Mr Muldoon) mav make about the imbalance when he , meets the Australian Prime; Minister (Mr Fraser) early' next month. Mr Muldoon has made sev-|l

eral strong comments about .the unsatisfactory nature ol the imbalance to New Zealand. and Mr Fraser will be pleased to point to the latest figures. Both Prime Ministers have made it clear that Tasmar trade, the imbalance, and the 'review of N.A.F.T.A. will be kev topics for their talks. The Australian officials in tomorrow’s talks in Welling ton will come from the Over seas Trade. Industries anc Commerce and Primary In dustrv (agriculture) depart .ments in Canberra, and they will discuss a wide range oi products and issues. Motoi vehicles and components whiteware, furniture, carpets and forest products will be .among the kev topics. Ministers will not take part in the discussions, which will in pan he a lead-up to the ■annual Ministerial reveiw ol N.A.FT.A. This will be held in Well ington in April or May. and mav be associated with a wider economic meeting at which two or three Austra . lian Ministers will sit across 'the table from up to five New Zealand Ministers. Mr Muldoon, in his role as Minister of Finance, w’ould I probably chair the meeting Mr Fraser said today that the idea of the ministerial talk had not been approved vet, but it was a distinct possibility that the first such talks would be held soon.