Exports earn extra 47p.c.

Press, 6 September 1980, Page 1

Exports earn extra 47p.c.

PA: : Wellington - big lift in. earnings from dairy goods and forest products helped New Zealand lift.its export income’47 pdf ’cent during July, compared with July, 1979, the Reserve Rank- reported yesterday. . ; .7 > The bank says that export receipts were $565 million; Dairy products up 1,30 per 'cent, and forest products, up 102 per cent, contributed most to . the resul t. - Manufactured goods also made a strong ininrovement ■; < i But in spite of the huge earnings, a . current account deficit of SIBM was recorded during the month, compared with deficits of S6SM in June, and' S4BM in July, 1979. For the year ended July, the current 'deficit -was

SSO2M compared with 5444 M in the 12 months to July, 1979. To some extent, the bank says, the unexpectedly strong growth appears to have resulted from delayed reporting of receipts by the New Zealand banking system in earlier months. However, dairy and forest' products receipts both '" benefited from strong overseas price increases in volumes shipped in. recent months.’ ' Import payments in July totalled $439M up 30 per cent, of which S42BM, . up 41 per.cent, was accounted for by the increase in mineral fuel nayments which grew from $30M.,t0 SIOIM, mostly as a consequence of the sharp increases in / oil prices, over; the last year.: ‘