OVERSEAS TRADE

New Zealand Herald, Volume LXIX, Issue 21240, 21 July 1932, Page 8

OVERSEAS TRADE

With the returns of overseas trade for June available, a convenient opportunity offers for comparison of 12 months' results with those for similar periods of other years. The first point to note is that tho prolonged period of falling values had not exhausted itself by the end of the 1930-31 production season, but extended its influence into that which has just closed. A reduction in the return for exportß for the 12 months of £1,398,000, leaving the total only £35,500,000, brings a level that has not been experienced for very many years. It is natural to wonder whether the yield of exported commodities can fall much further; and fortunately there is orie indication of a check in the downward movement. The last six months of tho production season corresponding with the first half of the calendar year, shows an improvement over that for 1930-31 of CP03.500. The Gain is small, but welcome none the le,ss. It cannot be attributed to better prices, for the recent turn in the market for dairy produce came too late to affect the period under review at all. It must be credited to the verv favourable autumn season which some of the dairying districts experienced, with the consequent expansion of output, and to the greater movement in wool which has been recorded in past months. It serves as an introduction to a new production year already illumined by the glimmerings of renewed confidence. The import figures for the period considered arc an eloquent illustra-

tion of the general response by commerce and the community to altered circumstances. Last year the total of £33,374,000 was noted as the lowest since 1921-22, which, under abnormal conditions, saw a total of less than £31,000,000. This year, with only a little over £23,000,000, leaves that level far behind. The? apparent favourable balance of £12,480,000 is the fruit of this rigid rationing of imports. With overseas borrowing reduced to the vanishing point a substantial balance is a vital necessity, but the day when it is achieved by an increase in the value of exports will mark the release of New Zealand from tlfe thraldom of depression.