TRADE OF DOMINION.

New Zealand Herald, Volume LXVIII, Issue 20982, 19 September 1931, Page 12

TRADE OF DOMINION.

IMPORTS AT LOW LEVEL.

SMALLER FALL IN EXPORTS. VISIBLE BALANCE IMPROVED. A further reduction in the valuation of the Dominion's overseas trade is shown by the returns for August issued by the Customs Department in Wellington yesterday. As usual at this season there was an excess of imports, but it was only onefourth of the excess for August of last year. Following arc returns for August in recent years:— Exports. Imports. Excess. 1927 . . £2,259,382 £3.654,873 £1,395,491 1928 . . 2.005,201 4.311.777 2.300,576 1929 .. 2.580,800 4,275,000 1,(594,110 1930 .. 1,891,632 4,054,974 2,163,3-12 1931 .. 1,623,891 2,188,991 565,100 The value of exports in August, 1930, fell below £2,000,000; only once provi ouslv since tho war had that figure not been reached, the exception having been in August, 1923, when exports wero valued at £1,806.903. In October, 1926, a lower figure, £1,673,287, was entered, and now a new low record for any month lias been set. It is, however, notable that tho decrease in comparison with last year is only £267,740, which is the smallest difference shown this year, the average for the previous seven months having been £1,308.000. Imports have been reduced, to little more than half last year's valuation, the total for the month being the lowest in August since 1919. Returns for tho first eight months show the accumulating effect of recent changes in the course of trade, the figures being as follows: — Jan.-Aug. Exports. Imports. Ex:ccss ; 1925 . £42.955,713 £34.016,926 1926 . . 34,916.188 32.269.049 2.07 ~139 19°7 .. 35.782,695 29.105,373 6,01 '.322 19'\S .. 43,076.394 25.893.753 14,182.641 1929 .. 43,072,236 31,272.095 11.800,141 1930 . . 35,057,065 29.637,230 5.419,83,1 1931 . . 25,636,180 16,963,547 8,672,63^ The drastic curtailment of imports has produced a notable improvement in the trade balance, the latest comparison showing a gain on the year of £3,252,000, whereas at the ©nd of July tho favourable movement was only £1,654,000. Since values of exports are entered at f.o.b. values in terms of New Zealand currency and imports on the basis of values in the exporting countries, plus 10 per cent., the apparent balance is probably inflated to the extent of the adverse exchange. Even if 10 per cent, is added to tho recorded value of imports, tho balance would still be £6,976,000.