DOMINION'S TRADE

New Zealand Herald, Volume LXXI, Issue 21806, 22 May 1934, Page 10

DOMINION'S TRADE

RETURNS FOR APRIL large export increase IMPORT FIGURES RISE HIGH STERLING BALANCES A valuation of £5,408,418 was placed upon the exports from New Zealand during April, according to preliminary returns of the month's overseas trade issued by the Customs Department in Wellington yesterday. The figure is substantially greater than that for April last year, when the valuation was £3,494,041. The rise in the price of wool no doubt explains this difference of nearly £2,000,000. Actually the total was only £97,581 less than that of April, 1929, but £1,416,051 below the figure for the previous month and £852,658 below that for February.

Imports show an increase of £599,616 on the figure for April of last year, £2,070,187 against £1,470,571, and a fractional drop as compared with last month. The indicated trend is for a larger import trade. Following is a comparison of tho April returns for the last five years: — April Exports Imports Excess 1930 . . £3,948,789 £3,542.720 £400,003 1931 . . '2,740.191 2,050,163 600,02S 1932 . . 4,937,535 1,700,069 3,190,64G 1933 .. 3,494,041 1,470,571 2,023,470 1934 . . 5,403,418 2,070.187 3,323,231 The returns for the first four mouths of this year show exports valued at £23,866,051, the corresponding total for last year being £16,838,023. The import figure of £8,328,189 indicates a slight trade revival, but the disparity between the value of exports and imports becomes more marked than ever, tho excess of £15,537,862 for this period being easily a record, though allowance must be made for exchange differences. Jour-month Comparisons Following is a summary of the returns for the first four months of the last five years: Jan.iApl. Exports Imports Excess 1930 .. £21,518,115 £15,764,552 £5,753,563 1931 . . 1-1,902,609 9,570,882 5,325,727 1932 .. 16,457,136 7,609,972 . 8,847,164 1933 .. 16,838.023 7,045,208 9.792.815 1931 . . 23,866.051 8,328,189 15,537,862 A more reliable guide to the general economic condition is provided by the figures covering the production year from July 1, seeing that the financial year covers portions of two seasons. It is to be noted that the export total for the 10 months", £37,033,700, is by far the highest for the last four years and only £2,300,000 less than that of tho year 1929-30. with imports moving upward very slowly.

Following is a summary of the overseas trade returns for the July-April period for a number of years: —

Excess of July-Apl. Exports Imports Exports 1924-25 . . £48,875,311 £43,173,017 £5,702,294 1925-20 . . 38,282,048 44,983,990 *6,701,942 1920-27 . . 37,550,527 39.857.759 *2,331,232 1927-28 . . 47,(:04,270 30,912,073 10,092,197 1928-29 . . 48.081,78 M 39,842,750 8.239.030 1929-30 . . 39.325,037 42.425.080 *3,099,449 1930-31 . . 30,002,010 30,035,233 37,257 1931-32 .. 29,825,188 19,507,025 10,317,503 1932-33 . . 31,025,282 15.914.457 12,710,795 1933-34 . . 37,033,700 20,994,074 10,039,020 'Excess oi imports. Sterling Balances

Direct comparison of the recorded values in the last two periods of 10 months is confusing since the valuation of exports in 1933-34 has been influenced throughout by the 25 per cent exchange rate/ whereas exports in 1932-33 were subject during seven months to the inflation of only 10 per cent. Tho sterling values of exports in the two periods were approximately' £28,105,000 in 1932-33 and £29,865,000 in 1933-34. The increase in sterling values is consequently only £1,760,000, against which is the increase of £2,080,000 in imports. The excess of exports for the last 10 months is consequently £8,870,000 sterling, as compared with £9,191,000 in 1932-33.