DOMINION TRADE

New Zealand Herald, Volume LXXI, Issue 21879, 15 August 1934, Page 12

DOMINION TRADE

INCREASING EXPORTS WOOL A GREAT FACTOR FIGURES FOR THE HALF-YEAR A marked increase in the export trade of New Zealand is shown by a comparison of the figures for the first six months of the present year with those of the corresponding periods of 1933 and 1932. Two items in particular have contributed largely to this improvement, these being wool and hides and skins. Allowance has also to be made for the increased rate of exchange that has been in operation since the beginning of 1933. The total of the export trade from the Dominion has risen from £21,184,627 for the first six months of 1932, through £23,076,750 in the corresponding period of 1933, to £31,184,178 from January to June of the present year. These figures are based on New Zealand currency, with the rate of exchange at 10 per cent in 1932, and 2/5 per cent during the first; half-years of 1933 and 1934. During the same periods the value of the imports into the Dominion have shown little change, being £11,165,823, £10,457j193 and £11,304,770 respectively, all values being expressed in sterling. Dominion's Principal Markets

The following table shows the value of the exports of New Zealand produce only to countries with which she does the' bulk of her trade, the figures covering the first six months of each of the past three years, and all exports expressed in New Zealand currency:— 1934 1933* 1932 £ £ £ U.K. .. 24,927.562 20,066,159 18,756,582 India .. 43.248 17,582 35.515

Canada .. 510.471 $38,174 121.669 Australia . 890.912 655.981 608,&17 Belgium .. 564.760 286.177 145,401 France .. 1.169.464 565.404 422.128 Sweden .. 107.479 23,066 17.009 Germany . 872,152 307,498 228,496 U.S.A. . . 632.988 368.112 307.241 Japan .. 758,355 249,894 212.G27

The value of the Dominion's main imports are sdt out in the following table according to the countries of origin, the period covered being again the first six months of each of the past three years. Imports from Australia are expressed in Australian currency and those from other countries in sterling:—

1934 1933 1932 £ £ £ U.K. .. 5,484,689 5,371,571 5,663,159 Jndia .. 351,779 . 251,830 205,074 Canada .. 671,745 444,535 375,463 Australia .. 1,391,306 1,174,280 1,186,947 Belgium .. 56,154 97,852 129,008 France .. 96,395 112,812 151,846 Sweden .. 92,473 92,324 90,824 Germany .. 170,470 171,486 261,737 U.S.A. 1,289,087 1,297,690 1,604,904 Japan .. 218,599 210,107 197,708 The Balance of Trade

Trade with other countries within the British Empire continues to improve, having risen from £19,605,115 in the first six months of 1932 to £26,497,716 up to June of the present year. The balance of trade with all these countries is still an unfavourable one, with the exception of thirt with the United Kingdom, the exports to which for the period in question during the current year have exceeded the imports by £17,993,000, in New Zealand currency, the favourable balance for the combined Empire being well over £16,000,000.

European countries whose imports from New Zealand exceed their exports to this country are Belgium, Denmark, France, Germany, Italy and the Netherlands. Of the Asiatic countries Japan alone stands out as a large importer.of. Dominion produce, New Zealand having a favourable trade balance of £453,000 with that country. The United States continues to sell much more to New Zealand than she buys from her, the difference during the first six months of this year being £844,000. The' increase in the exports of the principal items of Now Zealand produce" is shown, in the following table, which deals with the first half of each year, the values being expressed in New Zealand currency:—

1934 1933 1932 £ £ £ Milk products 8,304,334 8,089,871 7,878,667 Meats . .. 7,896,947 6,464,851 6,134,927 Hides & skins 1,248.286 681,500 563,191 Wool .. .. 11,375,994 5,510,802 4,550,264 Exports to Oanada During tht? past three years rapid strides have been made .in the trade with Canada. This has been most marked in the purchase of wool. In 1932 Canada took wool of all clasps to the extent of 1,908,0111b., while for the year ending March, 1934, the total was 6,340,8271b. Another marked increase in exports to Canada was in hides anc\ skins, which rose from 16,849cwt. in 1932 to 77,00dcwt. for the past year. The advance in wool prices has been responsible for tho trade improvement with most of the European countries, while the decrease in imports from the same countries has been largely due to the falling off in the demand for such luxuries as betterclass textiles, perfumes, china and fancy goods. From the United States the chief imports have been motor-cars and petrol, while that country continues to be a large importer of New Zealand wool and hides, with a huge increase in the demand for rabbitskins. Imports from Japan have mounted slowly but surely, but this has been offset by the improvement in the wool trade. Indja and neighbouring countries continue to export to the Dominion merchandise to a far greater value than that of their imports from this country, though exports to India have more than doubled in the last year.