OVERSEAS TRADE

Otago Daily Times, Issue 26841, 4 August 1948, Page 6

OVERSEAS TRADE

SAFE BALANCE MAINTAINED MINISTER DEFENDS IMPORT POLICY P.A. WELLINGTON, Aug. 3. Particulars of New Zealand’s overseas trade during each of the first four months of 1948 and during the 10 months of the production year which began in July, 1947, were given by the Minister of Customs, Mr Nash, to-day, showing that during the first four months of 1948 exports exceeded those for the corresponding period in 1947 by 27 per cent. —£58.274,000 in 1948 as against £45,927,000 in 1947. Imports for the first quarters of the two years were valued at £33,294,000 (1947) and £50,037,000 (1948). . , The export totals during the July to April periods show an increase of nearly £20,000,000 between 1946-47 and 1947-48, and imports'over those periods rose in value by approximately £54,500,000. Imports for the month of April, 1948, Were the third highest for any month yet recorded at £14,961,000 —an increase of £5,188,000 on March last. Exports for April stood at £13,389,000, resulting in a net excess of imports over exports of £1,572,000 for that month. Over the four months period, however, net favourable balance of trade amounted to £8,237,000. A substantial increase in imports in 1947 and in the earlier months of this year resulted in this favourable balance being about £4,000,000 lower than in the similar period in 1947. For the same reason there was a net excess of imports over exports for the 10 months July, 1947, to April, 1948. which amounted to £12,462,000. “ The favourable balance for the first quarter of 1948 indicates that the Government’s policy of following a more limited import programme is likely to ensure that New Zealand lives as nearly as possible within its current export income for 1948,” said Mr Nash. “The adverse balances for the 10-monthly period and for the month of April demonstrate, however, that relaxation of that policy would not be advisable at present.”