OVERSEAS TRADE.

Northern Advocate, 10 February 1925, Page 4

OVERSEAS TRADE.

The total external trade of New Zealand for the twelve months ended December 31 last amounted, according to the Government Statistician's latest report, to £101,140,310. Only once has this record been beaten, the trade of 1920, when prices of many goods were higher than they are now, having totalled £108,037,774. Last year's imports were valued at a little over 48J millions and exports at more than 52| millions, the balance in favour of the Dominion exceeding four millions as against rather more than 2i millions at the end of 1923. Last year's ex-* ports were greater than those of 1923 by £0,645,542, wool being mainly responsible for the increase, for it was valued at about 15$ millions as compared with barely 11 millions in 1923. The Statistician states that the quantity of wool shipped last year was slightly less than that sent away in 1923, and the actual figures show a difference of 20,000 bales. Exports of dairy produce last year showed an increase in value and also a fairly substantial increase in quality, the butter output being larger by about 19,000 cwt., while the increase in the case of cheese was about 143,000 cwt. In value the increase was a little over one million sterling. Unfortunately the price of butter has fallen considerably since the close of ►the year covered by the returns. So far as the present season has gone the output of dairy produce has been very satisfactory, except in ; the South Island, where dry weather has had a prejudicial effect; but it woiild be rash to say that increased export this year will balance the fall in prices. So far av> the other principal export commodity is concerned, wool' is not quite as valuable now as it was at the opening of the #eason, so that it would be perhaps ovlr-sanguine to look for a further increase in this year's wool export vatae. The balance of trade in favour, of the Dominion for 1924 amounted to some four millions, a substantial . fund from which to meet the country's commitments abroad. It is, however, by no means too large « balance to have on. the right side, the figures indicating that the course of import trade requires careful watching, for in the matter of imports it is easy to over-run the constable. The value of exports drops as soon as the prices »offering in the markets decline, and the corresponding decrease in import values follows later. The, trading account therefore is more readily susceptible to an adverse than it is to a beneficial-change, so that it is alw«ys well to keep a margin. The past year's records .may serve to remind us that over-i'mportation is always a danger to be avoided.