TRADE STATISTICS

Otago Daily Times, Issue 23108, 6 February 1937, Page 12

TRADE STATISTICS

The figures relating to the imports and exports of the Dominionfigures whiclj it is virtually beyond the power of; Governments to affect by experiment in the field of domestic legislation—provide the real index of the economic welfare of the Dominion. Those which have, been issued if or the past calendar year supply their own evidence of the progress which the country has made towards; recovery. . Compared with those for the three previous years, they show a gratifying advance in export values, and an increase in irriport values that may be taken as indicating the measure of the general improvement in the purchasing power of the individual:

The export returns, with an increase of more than ten millions over those of the previous year, are the more satisfactory in (that they can reflect only in part the increase for. the present season in the price of wool, the full effect, of which will Be shown in later statistical records. The increase >in import values, though smaller than that in respect of exports, isi itself highly impressive. It may not be wholly surprising if it has caused some concern to the manufacturers in the Dominion who' may perceive in it some evidence that they are being exposed to a competition against which certain members of the Ministry led them to suppose they would be safeguarded. The figures admit of an interesting comparison being made with the most recent statements of trfe overseas trade — those for 1935-36—of the Commonwealth of Australia. The value of the Australian : exports for that period expressed certainly •in British currency-Mvas £107,850,000, and that of the imports was £85,250,000, the excess of exports amounting to £22,600,000. While an exact comparison is not possible, the figures provide striking evidence of the greater relative productivity of New Zealand. The much more extensive area and the much larger population of the Commonwealth might be expected to reflect themselves in trade returns at least three times greater than those of New Zealand, but they signally fail to do so. The primary industrialist of this country can afford, on the comparative evidence of the returns, to congratulate himself upon the success of his labours. When the economic depression first made itself felt in the Dominion it was constantly impressed upon her producers that increased production could in large measure compensate for lower returns. And the trade figures clearly indicate that that advice was followed by producers, and followed by them to their ultimate benefit.

Excess of Exports. Imports. Exports. £ I £ £ 1933 . . 41,006,080 . 47,343,000 25,581,000 15,425,000 1934 . 31,340,000 16,003,000 1935 . . 46,538,000 36,317,000 10,221,000 1936 . . 56,752,000 44,134,000 12,618,000