NEW ZEALAND’S TRADE

Taranaki Daily News, 12 September 1934, Page 5

NEW ZEALAND’S TRADE

YEAR’S FIGURES REVIEWED

INCREASE IN EXPORT VALUES.

IMPORTS FURTHER DECREASE.

DEPARTMENT’S ANNUAL REPORT.

For the year ended December 31, 1933, the value of exports from the. Dominion was £41,301,951/ compared with £36,965,780 for-the previous year, an increase of £4,336,171. Imports for 1933 aggregated £21,451,382, a reduction of £1,593,724 compared with the figures for 1932, in which year imports were assessed at £23,045,106, states the annual report of the Department of Industries and Commerce tabled in the House of Representatives yesterday. - . • ; ■ The foregoing figures are inclusive of specie, exports. of which during 1933 amounted to £296,032, compared with £1,355,861 for 1932. Specie imports during these two years were £424,704 and £55,310 respectively. Since New Zealand currency fell to a discount oh sterling at the beginning of 1930 exports of merchandise have been expressed in terms of New Zealand currency, imports of merchandise from Australia in terms of Australian currency; and from other countries in terms-of sterling. Specie exports and imports are, of course, recorded at their face value. In a comparison of one year’s trade with another is it preferable to omit specie exports and imports which, generally speaking, represent payments of debts and not additional trade, and the inclusion of which tend to obscure' the trade position. and movement. Specie is accordingly omitted from the following table, though it is as well to point out that exports of uncoined gold, which in the case of New Zealand ranks as an ordinary export commodity, are included. The figures of total trade and of balance of trade for the last four years are shown in terms of-New Zealand currency:— • Total External

*ln terms of New Zealand currency. New Zealand’s exports to the United Kingdom during the calendar year 1933 were valued at £35,571,509, compared with £32,449,231 for 1932, an increase of £3,122,- • 278. Imports from the United Kingdom, on the other hand, showed a reduction of £706,747, from £11,496,027 to £10,789,280, in 1933. EXPORTS TO BRITAIN. Our exports to the United Kingdom for 1333 represented 86.12 per cent, of total exports, in comparison with 87.79 per cent, in 1932, while the value of imports in the same two years represented 50.29 per cent, and 49.91 per cent, respectively. It is worthy of note that, for the first , time since 1923, the proportion of our bn- , ports from the United Kingdom has, exceeded the 50 per cent mark. The importance of the United Kingdom as a . market for our principal primary, products is . reflected in the foregoing statistics of exports. It must be remembered, however, that a. proportion of these exports to the . United Kingdom are subsequently sold and re-exported to other" countries, principally to the Continent In 1931 and 1932, the latest years for which figures are available, the reexport trade of New Zealand produce from the United Kingdom amounted to a value approximating £3,800,000; the principal item being wool, £2,700,000. Next to the United Kingdom, Australia was our best customer in 1933, and during the same year Australia replaced the United States as second in importance ' to the United Kingdom in the value of commodities imported into New Zealand. Although the balance ’ of trade with Australia has been definitely set against us in past years, it is satisfactory to note that in 1933 there were many instances of increases in the volume of New Zealand products exported to Australia, chief among these being fresh, frozen and canned fish, sheepskins and pelts, tallow, glycerine, blood and bone fertilisers, wool, grass and other seeds and timber. As far as New Zealand’s exports to Canada are concerned, there. has been a marked advance in both volume and value. Of twenty-three British countries exporting to Canada only five, including New Zealand, could claim increased values for the Canadian fiscal year 193334. Of all the countries compared, New Zealand showed the highest percentage increase over 1932-33—266 per cent. The appreciable gains made in two main commodities —wool and hides—must be regarded as very satisfactory, as New Zealand can now claim to be the largest Empire supplier of such raw material to Canada.

Exports from New Zealand to the United States in 1933 were valued at £1,188,972, compared with £940,015 in 1932. Expressed as percentages, the figures represented 2.88 per cent, and 2.54 per cent, respectively of total exports in these years. y IMPORTS FROM STATES. F Imports into New Zealand from the United States during 1933 were valued at £2,383,451, in comparison with £3,267,086 for the previous year, a reduction of £883,635. These figures represented 11.11 per cent, and 14.18 per cent, respectively in 1933 and 1932. The proportion of our imports obtained from the United States has shown a substantial decline over the past five years—from 19.10 per cent, in 1929 to 11.11 per cent, in 1933. In addition to the development of the market for our dairy products, the prospects appear favourable for further trade in fresh and canned fruits, canned vegetables, meats and fish, preserved milks, barrelled and salted beef and pork, and fresh frozen meats and various other products of lesser importance. It now remains for individual exporting interests to take advantage of the contacts that have been made for them and by enterprise and initiative develop the trading opportunities thus made available. . The following table shows the value of New Zealand’s export and import trade with various parts of the East for each of the past three calendar years:—

The outstanding increases in the value of exports are those to Japan, mainly accounted for by wool, tallow and casein, and to China, mainly accounted for by preserved milks. It is gratifying’ to' note that there are

many indications definitely pointing- to our further emergence from the adverse economic conditions which have enveloped us during the past four years. NEED FOR VARIETY. The far-reaching effects of the depression have clearly demonstrated that New Zealand has placed too much reliance upon a few main classes of exportable commodities, and it was only natural that increasing attention should have been given to the question of exporting a wider variety and to the exploitation of new and undeveloped markets. In this connection the department is active in its endeavours to open the way for an increase in the export volume of a more diversified range of products and for the extension of present overseas markets.

I While there is still a measure of uncerI tainty and obscurity in the world economic position and the consumptive demand for all classes of commodities continues to remain at a relatively low level, it is becoming more apparent as time goes on that there must soon come about the formulation' of a definite policy by the leading nations of the world in respect of the trend of economic nationalism, and it is to' be hoped that a policy will be adopted that will open the way to a greater flow in the volume and value of international trade. Commodity prices generally show a steady upward trend, an improvement which, if sustained, will soon rid us of the fear of a relapse to the conditions from which we are emerging and will quickly form a sound foundation for the building up. of that confidence which had

been so badly shaken during the period of falling and contracting markets. The marked improvement apparent in the economic progress of the majority of those countries in which our principal markets are found is being reflected in our own progress along the road to the attainment of more prosperous conditions.

Exports. Imports. Trade. . '£ £ £ 1924 52,509,223 48,527,603 101,036,826 1925 .. 55,243,047 52,425,757 107,668,804 1926 .. 45,268,924 49,811,763 95,080,687 1927 .. 48,496,354 44,782,666 93,279,020 1928 ' ., 55,570,381 44,844,102 100,414,483 1929 .. 54,930,063 48,734,472 103,664,535 1930 „ 44,940,517 42,662,827 89,281,000* 1931 .. 34,950,698 24,756,803 61,449,000* 1932 35,609,919 22,989,796 60,256,000* 1933'’.,' 41,005,919 21,026,678 66,587,000*

Export to— 1931. 1932. 1933. Dutch East £ £ £ Indies 10,205 5,255 5,496 British Malaya 14,922 26,868 22,929 Burma 779 827 743 Ceylon 5,093 3,498 2,670 India 59,185 53,378 34,326 China 17,625 15,413 54,564 Japan 267,899 236,799 354,462 Imports from— Dutch East Indies 848,216 793,647 798,579 British Malaya 56,949 86,431 50,545 Burma . 10,459 13,437 13,784 Ceylon 617,042 351,598 442,628 India 392,088 354,752 461,539 Japan 304,532 434,746 541,346 China ........ 82,257 77,283 58,228