NEW ZEALAND’S EXPORTS

Taranaki Daily News, 26 January 1934, Page 9

NEW ZEALAND’S EXPORTS

MARKED RISE DURING YEAR FURTHER FALLS IN IMPORTS. FAVOURABLE BALANCE HIGHER. A remarkable improvement, in the apparent visible balance of the Dominion’s overseas trade during the.last 12 months is shown by the figures released yesterday by the Customs Department. Notwithstanding the extremely low prices ruling during the year, export values increased by £4,336,171 . Imports, on the other hand, decreased by .-1,593,724 compared with 1932. Thus the apparent favourable balance increased by £5,929,895 to nearly £20,000,000, the largest on record with the exception of 1919, when the favourable balance was £23,598,758. In arriving at these figures the exports are given in New Zealand currency, which is at a discount of 25 per cent, on sterling, while the bulk of the imports are in terms of sterling, and the remainder in Australian currency. This is why the favourable balance is apparent, not real. The value of exports for December at £4,115,402 was £844,669 more than for the corresponding month of 1932. Imports for the month at £1,945,989 were £140,590 less than for December, 1932. The monthly figures compare as follow:—

TWELVE MONTHS’ FIGURES. The course of the Dominion’s trade is clearly indicated by the figures for the calendar year. Export values in New Zealand currency for 1933 totalled £41,301,951, an increase of £4,336,171 compared with those for 1932. The increase is largely accounted for by the alteration in the exchange rate discount on sterling from 10 per cent to 25 per cent, in January, 1933. The higher wool prices realised at this season’s sales have not yet had time to make any appreciable difference to the export values. The figures for the twelve months compare as follow:— Increase or

It will be seen that the decline in imports so marked- in 1931 and 1932 continued throughout 1933, though toward the end of the year this decline was much less marked. The.values recorded for exports are the declared f.o.b. values in terms of New Zealand currency, while the values recorded for imports ate the current domestic values in the countries of export plus 10 per cent. TEN YEARS’ COMPARISON. The following table compares export and import values for the last ten years: From 1930, New Zealand currency has been at a discount on sterling. Exports of merchandise for the year concerned are expressed in terms of New Zealand currency. Imports of merchandise from Australia are recorded in Australian currency, and from other countries, in terms of sterling. The excess of exports is in terms of New Zealand currency and excludes specie. Excess of

The table shows that export values were slightly over £3,500,000 less than those for 1930, though they are still about £14,000,000 less than those of 1929. Imports last year were less than one half of those in 1930, and very considerably under half of those in 1929. PRODUCTION YEAR FIGURES. Taking July 1 as the opening of the “production year,” the figures for tne six months ended December, 1931, for the last six years compare as follow:— Excess of

The figures again show the remarkable contraction in imports during the last three years. The exports, on the other hand, are almost equal to the figures for 1929, notwithstanding the very low returns for dairy produce, and indicate an ever-in-creasing volume of outward shipments. Compared with the same period of 1932, the figures show an increase of nearly £3,000,000, riue partly to the alteration in the exchange rate and partly to th t e better prices for, and increased shipments of, frozen lamb and mutton. The enhanced wool values will show in the figures for the next six months ’Die favourable balances in the first half of the production years 1931-32 1932-33 and 1933-34, contrast with the heavy adverse balances of the three previous years.

Exports . • • Imports ... Increase or Dec., 1932. Dec., 1933. decrease. £ 3,270,733 2,086,579 £ 4,115,402 1,945,989 £ 844,669 *140,590 Excess of exports 1,184,154 2,169,413 985,259. ♦Decrease.

Exports . Imports . Year, 1932. Year, 1933. decrease. £ £ £ . 36,965,780 41,301,951 4,336,171 . 23,045,106 21,451,382 *1,593,724 EXC exports 13,920,674 19,850,569 5,929,895 ♦Decrease.

Exports. Imports. exports Year. £ £ : < : 1924 . ., 52,612,711 48,527,603 3,981,620 1925 .. . 55,262,272 52,456,407 2,817,290 1926 .. , 45,275,575 49,889,563 *4,542,839 1927 . 48,496,354 44,782,946 3,713,688 1928 .. . 56,188,481 44,886,266 10,726,279 1929 .. . 55,579,063 48,796,977 . 6,195,591 1930 . . 44,940,692 43,025,914 601,000 1931 .. , 35,153,028 24,812,058 8,453,000 1932 .. , 36,965,780 23,045,106 10,964,000 1933 . 41,301,951 ' 21,451,382 15,425,000 •Excess of imports.

Year. Exports. £ Imports. £ exports £ 1928 .. 18,473,209 23,970,566 *5,497,357 1929 ., 17,807,522 26,260,534 *8,453,012 1930 .. 15,160,001 20,458,371 *5,298,370 1931 .. 13,368,052 11,897,653 1,470,399 1932 .. 14,787,259 11,869,279 2,917,980 1933 .. 17,643,556 10,994,189 6,649,367 •Excess of imports.