HIGH TRADE BALANCE.

New Zealand Herald, Volume LXIX, Issue 21239, 20 July 1932, Page 12

HIGH TRADE BALANCE.

THE PRODUCTION YEAR.

EXCESS OF OVER £12,480,000.

GREATEST IN PAST JO YEARS. DRASTIC REDUCTION OF IMPORTS. Though tho exports show a continued shrinkage, the curtailment of imports lia,s been proportionately so much greater that tho returns of New Zealand's overseas ( trade for the 12 months ended June 30 show an apparent favourable balance of £12,483,097. This is the highest figure in the past 10 years, exceeding that for 1927-28 by more than £350,000. In 1929-30 there was an adverse balance of £1,239,854, and last V ear a favourable balance of £3,571,301. Returns for the month of June were issued by the Customs Department in Wellington yesterday. Tho valuation of exports was £511,000 less than that for May, and £109,598 smaller than for June last year. The imports are greater by £177,903 than in May and by £57,098 than in June last year. Returns for June in recent years are as follows: — i June. Exports. Imports. Excess. 1928 ..£3.270,223 £3,101,038 £115,185 192!) . . 4,137,774 3,425,305 712.409 1930 . . 3V741.311 3,404,084 337,227 1931 .. 2,714,710 1,809,779 904,931 1932 . . 2.005,112 1,860,877 738,235 Imports Higher For Six Months. With tho small gain shown in several months since tho calendar year opened, tho valuation of exports for tho first six months is £393,545 greater than in 1931. As tho first half of last year showed a declino of almost exactly £8,000,000 compared with 1930 and of £16,000,000 compared with tho first six months of 1929, tho relatively small gain this is chiefly significant as evidenco that tho downward movement has been arrested. Though May and Juno both showed slightly higher valuations of imports than tho corresponding months of last year, there is a reduction of £1,749,480 for .the six months compared with tho figure for tho half of 1931. Returns for this period in recent years are as follows: — Jan.June. Exports. Imports. Excess. 1925 . £38,398,263 £25,015,285 £13,382,978 192G . 29,472,834 24,716,580 4,756,254 1927 . 80,592,341 22,200,704 8,391,637 1928 . 37,715,272 20,915,700 16,799.572 1929 . 37.771,541 22,537,443 15,284,098 1930 . 29,780,691 22,567,543 7,213,148 1931 . 21,784.976 12,915,305 8,869,671 1932 . 22,178,521 11,165,823 11,012,698 The apparent favourable balanco is £2,143,027 higher than last year, and £3,799,550 greater than in 1930. It is still well below the high figures for the first half of 1929 and of 1928, but substantially exceeds those for 1926 and 1927. • Progressive Fall of Exports. The declino in tho value of exports is still manifest in tho returns for tho 12 months corresponding with tho season of production and export. The total for tho year is only a little greater than £35,500,000. It is £1,398,000 less than last year, and £12,042,000 lower than the figure for tho previous year. Yet so drastically have imports been reduced that the adverse balanco of £1,239,864 in 1929-30 and tho moderate favourable balance of £3,571,301 last year lias been transformed into a favourable balance of more than £12,480,000. Returns for the last 10 production years, with totals for periods of five years, are as follows: —• Year to

June 30. Exports. Imports. Excess. 3923 . £46,916,21 G £40.014,821 £0,901,395 1924 . 48,445,826 44.&32.161 3,613.662 1925 . 57.449.97G 60,898,485 6,551,491 1926 . 46,336,847 52,157,702 5,820,855* 1927 , 46,395,082 47,373,687 978,605'

Totals £245,543,917 £235,276.859 £10,267,038

1928 . 55,619,285 43,497,942 12,121,343 1929 . 56,244,750 46.508.C09 9,736.741 1930 . 47,588,213 48,828,077 1.239,5G1* 1931 . 36,944,977 33,373,676 3,571.301 1932 . 35,546,573 23,063,476 12.483,097

Totals £231,9-13,798 £195,271,180 £36,672,618 'Excess of imports. ,

As the official figures arc expressed in New Zealand currency for exports and in sterling for imports, direct comparisons do not indicate the true position. An adjustment shows that the export season which closed on June 30 produced a surplus of approximately £9,699,000 in London.