OVERSEAS TRADE

Poverty Bay Herald, Volume LIX, Issue 17945, 24 November 1932, Page 5

OVERSEAS TRADE

INCREASE IN EXPORTS IMPORTS STILL LOWER FAVORABLE BALANCE GROWING A further substantial improvement in the visible favorable balance of the Dominion’s oversea trade is the outstanding feature of the October returns released this week by the Customs Department. For the 10 months oi the year to October 31 export values increase! by over 62,000,000 and imports deceased'by a similar amount, an improvement of over £4,000,000 in 12 months. The apparent favorable balance for tho 10 months was over £12,000.000, compared with slightly oyer £8,030.000 for the corresponding period of 1931.

Exports last month were valued at £2,401,000, an increase of £665,728 coin pared with October, 1931. Imports loi the month were lower by £14,699.

Export values for the 10 months ended October 31 totalled over £31,000.COO. compared with £29.000.000 for the corresponding period of Inst year, an increase of over £2.000,000.

This represents a remarkable achieve meet in production. Considering that meat prices were showing a continuous decline and that the prices tit wool, butter, and cheese and other primary products have been ruling at lower levels this year than last, the gain in export values of over £2,000,000 represents a very considerable increase iu the volume of exports. The figures for the 10 months’ periods compare us follow :

lit view of the present exchanges con tvoversy, the position as disclosed by the above figures is of outstanding importance. The apparent favorable balance of trade for 10 months is shown to be well over £ 12.030.000. compared with a shade over £8.000.000 12 months ago. The values shown tor exports are the declared i’.o.b. values in terms of New Zealand currency, while _ imports are valued on basis of values in the expoitmg countries plus 10 per cent. It the 10 months’ export values are converted into their approximate sterling equivalent, bv the deduction of 10 per cent., uiey represent, roughly, £27,970,000, so that the visible favorable balance in sterling is over £9,000,000. TEN YEARS’ COMPARISON In the following table are given the. export and import values for the 10 months’ period for the last 10 years: Ten Exports. Imports.

It will be seen that exports for the 10 months of this year, despite a depression that has brought prices of the Dominion’s primary products well below the pre-war level of values, are only £8 500 000 less than those for two years ago and are £2.000.000 higher than those of a year ago. On the other hand, imports at under £19.000,000 arc little more than one-hall of those for the 10 months of 1930, and this with a 10 per cent, exchange rate. ’t he figures also show that the hivoxable balance of over £12,000.000 fur the ,10 months of this year is the highest recorded for a decade, and compeles more than favorably with that ot £ll.750,000 in 1928, when the exchange position was normal.

10 ruths. 10 mths. 1931. 1932. £ Exports ... 29,004,574 31,087,830 Imports ... 20.960,260 18,913,231 Excess of ■exports ... 0,044,514 12.1.74,599

months. 1923 £ 39.720,169 £ 36,083,360 1924 43,984,306 40,220,427 1925 .. 46,149.945 42.980,176 1926 39,020.207 41,741.128 1927 . 40.259,995 37.272,274 1Q28 ... 1929 48.445,630 36,715.283 ... 48.134.089 40.764,226 1930 39,576,645 37,040,126 1931 .. 29.004,574 20.960.260 1932 ... 31.087,830 18.913,231