Current account improves
PA Wellington New Zealand’s current account continued to improve in May with a surplus of $ll2 million compared with S9OM the previous month and a deficit of $234M in May last year. The overseas-exchange transaction figures, which reflect New Zealand’s trade with the rest of the world, were released last evening by the Reserve Bank. It said the improvement was attributable both to higher export receipts and lower import payments. To the year ended May, the current-account deficit was $1095M compared with $1441M for the year ended April and $1348M for the year ended May, 1982.
Export receipts for the month (S76OM) were up 34 per cent on those for May, 1982. While all categories of export receipts increased
this year over those for May, 1982, the main increase was in receipts for dairy products (up 101 per cent). This particular increase is mainly a statistical aberration’; proceeds from sales of milk powder in previous months were not notified until May. Reflecting the decline in domestic economic activity, import payments in May, 1983, declined 23 per cent on payments made in May, 1982. The increase in export receipts and the decline in import payments resulted in a trade surplus for the month of S2B4M compared with a deficit of S4BM in May, 1982. The deficit on invisible transactions was SI72M in May, 1983, ?13M lower than the deficit in May, 1982. Invisible receipts were up 12 per cent and invisible payments rose by only 1 per cent.
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Press, 1 July 1983, Page 4
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250Current account improves Press, 1 July 1983, Page 4
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