Payments surplus

Press, 1 June 1981, Page 9

Payments surplus

PA Wellington New Zealand's balance of payments on current account for the first three months of 1981 showed a surplus of $l5 million, according to the provisional estimate released today by the Government Statistician (Dr J. H. Darwin). For the March quarter of 1980. the balance was a deficit of $l5O million, in the June quarter, a $132 million deficit, in the September quarter, a $392 million deficit. and for the December quarter 1980, a $260 million deficit.

The value of exports (f.0.b.) in the March quarter of 1981 was $1507 million. This was $146 million higher (11 per cent) than the value of goods exported from New Zealand in the March quarter cf 1980. However the value of the merchanuise imported in this latest quarter. $1235 million (f.o.b. in the exporting countries) was $44 million less (3 per cent) than in the March quarter of last year.

The resulting balance on merchandise trade was a surplus of $273 million, compared with the surplus of $B2 million in the March quarter last year.

Earnings from supplying services to the rest of the world in this latest March quarter totalled $387 million, 28 per cent higher than in the March quarter of 1980. The total cost of the services supplied by the rest of the world to New Zealand during this quarter was $482 million, or 18 per cent more than in the March quarter of last year.

The figures for the March. 1981, quarter, together with those for the three previous quarters, provide a preliminary estimate of the balance of payments on current account for the financial year ended March 31. 1981 — a deficit of $770 million for the whole year. In the 1979-80 year, the deficit was $782 million: in 1978-79. $469 million; and in 1977-78, $712 million.