NEW ZEALAND'S TRADE.

New Zealand Herald, Volume LXV, Issue 19924, 18 April 1928, Page 10

NEW ZEALAND'S TRADE.

Tho returns for the fiscal year just closed, as issued by the Customs Department-at the end of last week, showed that New Zealand had made a phenomenal recovery from the unfavourable position existing twelve months earlier. The Prime Minister, reviewing the position in his address to a conference of commercial men in Wellington yesterday, gave details which challenge attention. The general characteristics, an increase in exports of over £9.270,000, and a fall in imports of nearly £4,000,000, were previously known. Comparing these with the itemise,d account Mr. Coates rendered, two" outstanding facts are found. Buying from Britain was well maintained. Despite the substantial decline in imports generally, the value of these received from Britain was only £450,000 less than in the previous fiscal year. Exports to Britain increased by over £5,000,000. It is fitting that New Zealand's best customer should be least affected by the curtailment of overseas buying the year witnessed. The next striking feature touches trade with Australia. For the past year the balance has been favourable to New Zealand. Instead of an adverse balance of £1,320,000, as witnessed last year, there was a favourable one of some £187,000, small, but significant in view of the regularity with which tho position has been the opposite way heretofore. A long list can be compiled showing how New Zealand's sales abroad have grown, her overseas buying has shrunk. Exports to France were nearly doubled, reaching almost £2,000,000; inports declined slightly, the result being that the exports were more than double the imports. Exports to Germany were doubled, but in this instance imports increased by about one-third ; to Japan they were more than doubled, imports increasing slightly. Canada bought twice as much from New Zealand as in tho previous year; her sales to New Zealand fell by about one-fifth. The United States breaks the continuity of the record for exports to that country fell by £200,000. As a set off, imports were reduced by £1,800,000 in round figures. These are the salient features of a trading position that illustrates a wonderful recovery on the part of New Zealand.