Exports set record; imports recovering

Press, 25 May 1989, Page 3

Exports set record; imports recovering

By

PATTRICK SMELLIE

in Wellington • The highest level of exports for one year was recorded in the 12 months to the end of April, according to the Statistics Department. Figures released yesterday showed exports for the April year totalled $13.34 billion, compared with $12.38 billion in the year to April, 1988. Export figures for the April month were also high, at $1.26 billion, while imports continued to show recovery from the lows of last year. Breakdowns of recent import figures suggest renewed capital investment in industry and strong growth in demand for imported consumer goods. As with recently released retail sales figures, import demand is still down on levels from before the sharemarket crash 1 but climbing strongly from the depths of the 1988 recession. .

While low import levels have helped reduce the balance of payments deficit over the last few months, stronger import demand is also regarded as a positive sign for economic recovery. Comparing the first four months of this year with the same period in 1988, the department said imports of capital equipment for industry totalled $813.6 million, up 14.4 per cent on $711.1, million last year. Imports of products designed for further processing in New Zealand, including petrol, were up 11.9 per cent at $2.03 billion. Imports of consumer goods showed the strongest improvement, up 32.6 per cent on last year’s depressed levels at $840.9 million in the first four months of this year. The biggest value exports over the three months to April continued to be meat ($697.2 million), dairy produce ($515.4 million), and wool ($2OB million). D