OVERSEAS TRADE

Timaru Herald, Volume CXXXVII, Issue 19373, 23 December 1932, Page 8

OVERSEAS TRADE

MARKED INCREASE IN EXPORTS.

FAVOURABLE BALANCE IMPROVES.

The substantial improvements this year on the visible balance of the Dominion’s oversea trade is shown by the returns issued by the Customs Department to have been well maintained in the eleven months ended November. Exports increased by £1,880,000, and imports decreased by over £2 million, making nearly £l2 million, compared with slightly over £B3 million for the corresponding period of 1931. The value of the exports during November at £2,607,217. was £203.053 less than for November, 1931, the reduction being largely due to much smaller shipments of frozen meat " last month. There was not much change in the import figures, the reduction last month being only £13,744. The November figures compare as follows: Nov., 1931. Nov., 1932. Dec.

Excess of exports 751.230 561,921 189.309 A much better indication of the flow of trade is afforded by the figures for the eleven months of the year. During the period ended November 30 exports were valued in New Zealand currency at £33,695,04, an increase of over £1.880,200 over those for the corresponding period of last year. In view of the marked fall in the prices of the Dominion’s primary products this is indicative of a greatly increased volume of exports. On the other hand imports for the eleven months are lower by over £2 million. The position is shown by the following comparative table:—

exports 8,795,544 12,736,520 3,940,976 ’"Decrease. Notwithstanding the extremely low prices ruling 1 oversea for wool, meat, butter, cheese, and other primary products, the eleven months’ figures disclose a satisfactory improvement in the country’s visible trade balance, which has increased by nearly £4 million, to £12,736,000, compared with last year’s period. The values shown for exports are the declared f.o.b. values in terms of New Zealand currency, while imports are valued on basis of values in the exporting countries plus 10 per cent. If the eleven months* export values are converted into their approximate sterling equivalent, they represent, roughly £30,325,543, so that the visible balance in sterling is well over £9 million. Ten Years’ Comparison. The following table compares export and import values for the eleven months’ period for the last ten years: Eleven Excess of

’"Excess of imports. The table shows that export values for the eleven months of this year, notwithstanding that prices of the Dominion’s primary products are well below pre-war level, are only £8,276.000 less than in 1930, and are £17,317,000 less than for 1929. Imports. at £20.958,000 this year, are well below one-half of those in 1929. The favourable balance this year at nearly £123 million is easily the highest for a decade. “Production” Year Figures. Taking July 1 as the opening of the “production” year, the figures for the five months ended November 30 give the following comparison of export values:—

♦Decrease. The imports for the five months ended November 20, 1932, were £9,792,704. compared with £10,103,995 for the corresponding period of last year, a reduction of £311,291. The trade balances for the period compare as follow :-^-

Excess of exports The above table shows that for the five months of the current production year there is a substantial balance of exports over imports of nearly £l2 million. compared with a deficit of over £74.000 a year ago.

£ £ £ Exports . . 2,810,270 2.607,217 203,053 Imports . . 2,059,040 2,045,296 13,744

£ £ £ Exports 31.814,844 33,695.047 1.880.203 Imports 23,019,300 20,958,527 *2.060,773

mos. to Exports. Imports. exports. Nov. 30 £ £ £ 1923 42,242.049 39,788,241 2,455,808 1924 46,701.262 44,017,787 2,683,475 1925 50,648,784 47,814,656 2.834,128 1926 41,643,877 45,501.467 *3.857,590 1927 43,097,870 40,833.748 2,264.122 1928 51,805,163 41.463.657 10,341.506 1929 51,012,893 44,813,738 6.199,155 1930 41,971,188 39.877,952 2,093,236 1931 31.814,844 29,019,300 8,195,541 1932 33.695,047 20,958,527 12,736,520

1931. 1932. Increase or dec. £ £ £ July .. .. 2.227,313 2.405.976 178.663 August .. 1.623,891 2,589.359 965,468 September 1.632.944 1.512.796 *120.148 October 1.735.450 2.401.178 665,728 November 2,810,270 2,607,217 *203,053 10,029,868 11,516,526 1,486,658

JulyNov., 1931. Nov.. 1932. Exports .. 10.029.868 11,516,526 Imports . 10,103.995 9,792.704 Excess of imports 74,127 —