Trade surge noted
By MICHAEL HANNAH in Wellington A picture of the postfreeze economy, showing a surge in imports, a rundown in merchants’ stocks, and a change in spending patterns, emerged in figures released yesterday. The figures highlight a potential conflict between likely demand for credit from merchants, whose stocks have run down, and the Government’s tightening of credit growth, as part of its strategy against inflation.
Reserve Bank figures show that import payments rose 23 per cent in the year to the end of April, contributing to a deficit on overseas exchange transactions that month of $164 million.
Although export returns of $625 million gave a trade surplus over import payments of $564 million, invisible transactions reduced this to a deficit. Invisible payments cover transactions such as transport, insurance, travel, interest payments, Government payments, and transfers within companies.
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Press, 14 June 1984, Page 1
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142Trade surge noted Press, 14 June 1984, Page 1
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