OVERSEAS TRADE.

Manawatu Standard, Volume LX, Issue 225, 21 August 1940, Page 12

OVERSEAS TRADE.

EXPORT VALUES RISE. In terms of Now Zealand currency, and excluding specie, exports for the year ended Juno 30, 1940, amounted to £65,858.636, and imports for the same period to £46,070,033, leaving an excess of exports over imports of £19,788,603 as compared with £1,392,304 in 1938-39 and £4,377,307 in 1937-38, reports the Government Statistician. The value of exports in 1939-40 was 13 ; 8 per cent, above the 1938-39 figure, and (in terms of New Zealand currency) the highest ever recorded, mainly duo to favourable wartime prices fixed bv the United Kingdom Government for the Dominion s exportable surpluses of meat, wool, butter, and cheese. In considering quantities, butter declined by 6 per cent., and wool by more than 10 per cent. Hides'and skins, with the exception of opossum skins and sheepskins with wool, also fell; and, because of the necessity for conserving shipping space for more'essential commodities, apples fell to about one-half of the previous year’s shipments, while exports cf pears during 1939-40 were _ negligible. Marked declines also occurred in potatoes and hops, with lessor falls in phormium fibre, grass, and clover seeds, and kauri gum. Meat shipments generally increased considerably, the marked fall in chilled beef being substantially offset by an increase in frozen beef. Pork shipments dropped by 4 per cent. DECREASE IN IMPORTS. Imports for the six months ended June 30. 1940. were £3,317.150 (11.8 per cent.) less than in the corresponding period of 1939. Because of the general upward trend in prices of imported goods, a, rise in value shown docs not necessarily indicate a quantitative increase, and in many cases an actual decrease in quantity maywell have occurred. The principal decline occurred in motorvehicles, which fell-in number from 18,899 to 3961 ami in value from £3.160,257 to £662,911. Motor spirits dropped in quantity by 25 per cent. (14.000.000 gallons), though there was a rise in value cf 9 per cent. Hardware generally was down, a notable exception being iron and steeltinned p'atc and sheet; tubes, pipes, arid fittings, though up in value, were down in quantity. Values show a marked increase in col ton and linen piece-goods and in jute and hessian piece-goods, with lesser advances in woollen piece-goods and in silk piece-goods. Increases in both quantity and value occurred in newsprint and other printing paper, bags and sacks, woolpacks, lubricating oil, and linseed oil. Wheat imports declined very considerably, as did cigarettes and manufactured tobacco. I here was a marked rise in tea imports and a moderate one in whisky. A fall cf 28 per coni, was .recorded in sugar, but there was a considerable rise in value. DIRECTION OF TRADE.

A consideration of the direction of New Zealand’s import trade is of interest, in view of the policy of import, selection which was introduced at the end cf 1938, and one object. of which is to give maximum preference to goods of United Kingdom origin, or. failing the United Kingdom, to goods of other British countries. _ Tho position, of course, has been complicated by the incidence of war. 'I be policy did , not have any marked effect c n the Dominion’s imports till toward the end of 1939, so that in comparing the direction or trade in the six months of 1938 and 1939 there was verv litt’c movement. Thus British" countries snnplied 73.9 per cent. (United Kingdom, 47.9 per cent.) of the total for the 1938 half-year and 74.3 per cent. (United- Kingdom, 47.8 per cent ) Lr the corresponding ncriod in 1939. In loan the share cf British countries rose to 77.6 ncr cent, and of the United Kingdom to 49.0 per cent. Australia’s percentage increased from 17.9 in 1933 to 14.3 in 1940, hut Canada's foil from 8.7 to 5.4. India*. Ceylon, and Malaya recorded substantial increases, the greatest relative incrcaso being in imports of Malayan origin. I I The United States supplied near y half of New Zealand’s imports of foreign origin in the first half of 1940, with a sharo of 10.5 per cent, of the total imports; compared •; with 11.8 per cent, for the 1938 Period. A moderate increase was recorded i for the Netherlands East Indies, another | big supplier, and for_ Belgium: France-; showin" a verv slight increase. There was a. marked reduction in imports of Japanese origin in 1940.