Tasman trade up 24 p.c.
. NZPA Sydney Tasman trade increased by 24.33 per cent during the year to June 30, according to the Australian Bureau of Statistics. Total two-way trade went beyond SAustlOOO million and Australian exporters arrested their I declining comparative trading position. ■ The figures show that New Zealand paid $750,286,000 F. 0.8. for Australian goods compared with $584,984,000, at current exchange rates, during the 1977-78 year.
In return Australia imported $424,850,000 V.F.D.
of New Zealand goods compared with $360,108,000 in the previous year. The balance of trade was 1.766:1 in Australia’s favour compared with 1.624:1 during the year to June 30, 1978. Comparative ratios in 1976-77 and 1975-76 were 1.813:1 and 1.817:1 respectively, although there have been variations in the methods of valuation used by the bureau since then. At one stage Australia enjoyed a 4:1 advantage. The total Tasman trade of $1,175,136,000 represented a 24.33 per cent increase over 1977-78.
New Zealand's imports from Australia represented 5.27 per cent of all Australian exports (4.77 per cent in 1977-78), while New Zealand goods bought by Australia represented 3.09 per cent of all imports into the country (3.22 per cent in 1977-78). New Zealand remained Australia’s third most important single market after Japan and the United States. Australia imports more goods from the United States, Japan, Britain, and West Germany. Separate statistics detailing exports of some commodity divisions show that the Australian car in-
dustry enjoyed something of a revival on the Now ' Zealand market during the I 1978-79 year. New Zealand paid j $43,290,000 for Australian cars and passenger vehicles during the year, compared with $25,685,000 in 1977-78. New Zealand provided just over 80 per cent of the export market for Australian vehicles. Among other increases, the value of petroleum products exported to New Zealand increased almost $9 million to $127,396,000 and sugar went from $17,166,000 to $21,608,000.
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Press, 3 October 1979, Page 14
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310Tasman trade up 24 p.c. Press, 3 October 1979, Page 14
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