April trade balance down $39.8M

Press, 26 May 1984, Page 9

April trade balance down $39.8M

PA Wellington New Zealand exported $5.5 million worth more goods than it imported during April, according to preliminary figures released by the Statistics Department yesterday. A year earlier, exports exceeded imports by $45.3 million for the month. Exports in April this year were valued at $660.6 million while imports were worth $655.1 million. In April 1983. the country's exports were worth $576.2 million and imports $530.9 million. In the 10 months to April. 1984, imports exceeded exports in value by $551.4 million, according the

preliminary figures. In the corresponding 10 months to April, 1983, imports exceeded exports by $6l million, according to the department’s final figures. Labour's finance spokesman, Mr Roger Douglas, said it was normal at this time of year to have a trade surplus. "What is alarming is that this is being paid for only by overseas borrowing, the cost of which is additional to these figures, being contained in the invisibles transactions," he said. “Until there is a commitment to a medium-term approach to economic management, stressing economic growth and employ* ment. this country will de-i

teriorate compared to our international competitors," he said. Every economic indicator pointed to another artificially stimulated election year boom. The Governor of the Reserve Bank. Mr Dick Wilks, had warned the Government about pumping up the money suj.ply in election year. The Government had arranged another $lOO million overseas loan, bringing the total in the last seven months to over $l3OO million, Mr Douglas said. “At this rate it will bring the total overseas borrowing in the 12 months prior to the November election to a massive $2500 million."