DOMINION'S TRADE.

New Zealand Herald, Volume LXIX, Issue 21113, 22 February 1932, Page 5

DOMINION'S TRADE.

LOW RETURN FOR JANUARY. RISING FAVOURABLE BALANCE. The returns of overseas trade in January, issued by the Customs Department in Wellington on Saturday, show that "he value of exports, was only slightly higher than in December, while thatoorf r imports was the lowest in January for njany years. The apparent favourable balance was Substantially larger than fn the first month of 1931, but much lower than is usually the case. Following. is a comparison of. the January returns in the last five years :

The lowest valuation of exports in Januarv in recent years was £3,262,891 in 1923. During the intervening -years the total for January has varied from just over five millions to the record figure in 1929. Imports are normally fairly heavy in January; the latest re;:urn is the smallest since the war. The effect of low prices upon the value of exports and the adjustment of imports to this condition are Jiustrated by- the for the last seven months, co;responding with the season of production. Following is a summary covering this period in recent years:—

In 1930-31. the seasonal returns did not show an excess of exports until the end of the tenth month; the trade of 1929-30 resulted in an adverse balance for the full 12 months. This season, six months' trade produced a surplus of exports, which has been increased by the January returns. Direct comparison of tfce official figures is misleading, as they expresseci in New Zealand currency for export? and in sterling for imports. When suitable adjustment is made, it appears that the trade during the seven months produced a surplus equivalent to £1,369.000 in Lonclon. This represents an improvement of about £6.000,000 upon the position at the corresponding date last year.

Exports. imports. Excess. 192S . . £7,606.3S5 £3,770,020 £3,53(1.363 1029 . . 8,449,931 •1,319,091 4,130.840 1930 . . 6,377,853 <4,190,633 2.187.221 1931 . . 3,740.329 3.012.055 , 72i>.274 1932 . . 3,382,506 2,172,752 . 1,20!>,754

July-Jan. Exports. imports. Excesa. 1923-24 . £21,949,430 £26.831.294 £4,8c-l,S&4 1924-25 . 25.747,772 5:0,691,642 4 943.870 1925-26 21.901,994 32,102,933 10,2(10.944 1926-27 . 21.007,531 129,183,043 s.irs.iea 1927-28 , . 25.510.397 26.352.262 841.865 1923-29 . 26.923,140 :28,289,657 1,3(16.517 1929-30 . 24,185.375 .'50,851.166 6,665,791 193C-31 . 18,900.330 !23,470.426 4,570,096 1931-32 . 16.750.55S 114,070,405 •2,6fO,153 'Excess of exports.