EXTERNAL TRADE.

New Zealand Herald, Volume LIX, Issue 18090, 15 May 1922, Page 6

EXTERNAL TRADE.

Although there have been variations from month to month, the general tendency of the Dominion's external trade during the last fiscal year has been toward the norma] and necessary condition of a substantial surplus of exports. The returns for the March quarter of last year were at the time described by the Hekalo as indicating that the country was " turning the corner" from the unhealthy condition of excessive importation to the sound course of keeping its foreign purchases within its means, and this view has been justified by the past year's developments. Against tho adverse balance of £19,243,597 for the 12 months ended March 31, 1921, there is for the last year a. favourable balance of ,87,679,070, the change being due to a very large curtailment of imports, while the value of exports has been maintained at a, relatively high figureThe totals for the last seven years have been as follow : —

Exports. Imports. £ £ 1015-16 . < 33,781,711 22,917,-137 1916-17 .. 30,538,460 26.162.706 1917-18 .. 31.298,270 20,98.'!,612 1918-19 .. 32,263,792 26,437,284 1919-20 .. 50.776,650 32,162.029 1920-21 . 48,219,672 67.463,269 1921-22 . . 13,802,326 36,123.256 The improvement in the position is apparent, but it is fairly evident that the balance must be increased either by expansion of exports or by further contraction of imports —no doubt relief will be obtained in both directions. During the first, five years of the period, of a total trade exceeding £307,000,000, imports comprised 41 per cent. In the abnormal year, the proportion of imports was 58 per cent., while for last year it was 45 per cent.—a figure that is obviously too high, in view of the increase in the Dominion's external liabilities. Since the only statistics of imports yet available refer to countries of shipment, an accurate analysis of the year's trade is not possible. Within these limitations, they disclose further progress in the United Kingdom's recovery of tradewith the Dominion, for of the year's imports, a total of .£17,794,895, or -19 per cent., was drawn from the British Isles ; as compared with 16 per cent, in 1020-2), 37?. per cent- in 1919-20, and •") 1 i per cent, in I9M. Imports from the United Rt.'ites declined to £5,(17.'},578, equivalent to 16.1 per cent-, as against 19 per cent, in the previous year and 11 h per cent, in 1914. Trade with Japan lias fallen from over 4 per cent, in ISJI9 | to less than I per cent, last year, virtually the pre-war ratio. The effect of the imposition of the highest tariff against Australia is not definitely disclosed by the official figures for the last quarter, finports from the Commonwealth are ' shown as £934,980, as compared with C1.f152.550 in the March quarter of 1921. bat the reduction of 43 per cent, it; rather than the contraction in the total trade and very slightly more than the decline in imports from the Unified Kingdom.