IMPORTS EXCEED EXPORTS FOR TENMONTH PERIOD

Gisborne Herald, Volume LXXV, Issue 22707, 4 August 1948, Page 8

IMPORTS EXCEED EXPORTS FOR TENMONTH PERIOD

(P.A.) WELLINGTON, Aug. 2. Particulars of New Zealand’s overseas trade during each of the first four months of 19-18 during the 10 months of the production year which begat: in July, 1047. where given by the Minister of Customs, Mr, W. Nash, today,

During the first four month* of 1948 exports exceeded those for the corresponding period in 1947 by 27 per cent—£58.274,000 (1948) as against £45,927,000 (1947)

Imports for the first quarter of the two years were valued at £32,294,000 (1947) and £50,037,000 (1948).

Export totals during the July to April periods show an increase of nearlv £20.000,000 between 1946-47 and 1947-48 and imports over those periods rose jn value by approximately £54,500,000.

Imports for the month of April. 1948, were the third highest for any month vet recorded at £14.964000 —an increase of £5,188,000 on March last. Exports for April stood at £13,389,000 resulting in a net excess of imports over exports of £1,572,009 for that month

However, over the four months' period the net favourable balance of trade amounted to £8,237,000. The large increase in imports in 1947 and in earlier months of this year resulted in this favourable balance being about £4.000 000 lower than in the similar period in 1947. For the same reason there was a net excess of imports over exports for the 10 months July, 1947. to April. 1948, which amounted to £12,462.000. “The favourable balance for the first quarter of 1948 indicates that the Government's poliev of following a more limited import programme is likely to ensure that New Zealand lives as nearly as possible within its current export income for 1948." said Mr. Nash. “However, the adverse balance for the 10 monthly period and for the month of April demonstrate that a relaxation of that policy would not be advisable at present.’’