WOOL FOR AMERICA

Evening Post, Volume CXXIII, Issue 104, 4 May 1937, Page 14

WOOL FOR AMERICA

PURCHASES IN AUSTRALIA

Th e United States oi America, by an increase of nearly 200 per cent, in purchases of Australian wool in the first nine months of this financial year, has become one of Australia's best wool customers, and Australia's favourable trade balance with America has increased considerably.

. The interruption of operations by Japanese buyers for the first six months of the year has reduced the Japanese quota of wool for this year much below normal, and it is probable that, for the first nine months of the year, tho United States stands next to Britain as Australia's best wool market.

It has been announced that, in consequence of continued heavy wool buying and a sharp increase in gold exports to America, the marked improvement in Australia's trade relations with America, which was disclosed in the first half of the year, has been maintained into the third quarter of the year Because of this, Australia had a favourable total balance of trade with the United Sties for the first nine months of the year of £2,409,000, compared with an adverse balance of £4,549,000 for the corresponding period of last year. I The commodity balance for the first nine months of the year was adverse to. the Commonwealth by £1,528,000, compared with an adverse commodity balance of £6,543,000 for the corresponding period of last year. The total value of imports, from the United States for the period was £9,026,000 sterling, compared with £10,251,000 for the corresponding period of last year. The decrease is due partly to the effect of the trade diversion policy and partly to. the influence of the Pacific Coast S Commodity exports for the first nine months of this year were valued at £7 498 000, compared with £3,707,0UU for' the corresponding period of last year Gold exports were £3,937,000, compared with £1,995,000 last year. Wool exports to America for the nine months of this year were valued at £4,942.000, compared with £1,61a,0uu last year.