BEST FOR TEN YEARS

Hawera Star, Volume LII, 5 September 1932, Page 2

BEST FOR TEN YEARS

NEW ZEALAND TRADE BALANCE. OYER- £12,430,000 MARGIN. The favourable trade balance for New Zealand for the export year ended Juno 30, 1032, totalled £12,483,007, which has not been surpassed since 1922 when the favourable balance was over’ £13,500,000, according to a statement in the latest bulletin issued by the Department of Industries and Commerce. Exports declined in value by £1,398,404 to £35,546,573, whereas imports fell by £10,310,200 to £23,063,476. It will be noticed, says the bulletin, that the favourable trade balance has been produced mainly by the contraction of imports. This restriction of import trade has had the desired effect of restoring the balance of trade to a position which in normal times would be regarded as highly satisfactory, and to such a position as was necessary to enable the Dominion to meet its overseas obligations insofar as indebtedness was concerned. ■ The curtailment of imports had had a beneficial effect, as it had assisted fn stimulating local manufacturing in certain directions by inducing the substitution ocUa demand for Dominionmade products in place of those made overseas. On the other hand, however, the volume of internal trade had diminished through the contraction of purchasing power consequent upon the fall in the price received for Our staple products. In addition, the reduction in imports had had a serious effect upon Customs revenue. In view of the conditions under which trading had been carried out during the year, however, the position had to be regarded as satisfactory. It is shown that during the year New Zealand’s exports to British countries totalled £33,222,995, as against £33,935,368 in the previous year. Foreign countries took from New Zealand goods to the value of £2,323,578, as compared 6vith £3,009,609 for the previous year. Exports to the United Kingdom totalled £31,548,927, the figure for the previous year being £31,558,010. Imports from 'British countries dropped from £23,438,289 to £16,171,893, and those from foreign countries from £9,935,287 to £6,891,583. Discussing trade with the East, the bulletin says: ■“ln view of the large amount of interest which is being taken at present in the development of our export trade with the East, it may be worthy of mention that for the year ended June 30, 1932, exports to Japan were valued at £154,673, as compared with £282,271 for the previous year ; to • Hong-Kong, £12 ! ,866, as against £14,294; to British Malaya, £9994, as compared with £13,051; to China, £8227, as against £29,347; and to the Dutch East Indies, £7230, in comparison with £11,993. , “These decreases are, of course, in line with the recession in our export trade generally, and it is anticipated that as result of the efforts now being made* in various directions by the Government to develop our export trade with the East, the figures will show substantial improvement when world economic conditions improve.”