TRADE BALANCE

Hokitika Guardian, 7 September 1932, Page 3

TRADE BALANCE

DECLINE IN IMPORTS. Th© . favourable trade balance for |New Zealand for the export year ended June 30th,’ totalled 1)12,483,097, which -has not been' surpaeeed/.since 1922, when the favourable balance, was over a;ccofding fo'a statement in - th© latest bulletin '-issued by, the Department of Industries -and -inei’ce. Expoito declined ip.; value- by £1,398,404 to £35,546,573, /vhei-eas imports fall':by £10,310,200 to £23,063,47.6. • It will be -noticed, /says the;-bulletin,, that the favourable trade -balance' has been produced mainly by the cdiitrac 1 - tibn of imports. This restriction of im r port trade has had the /desired 1 -effect, of restoring th© balance of trade to a position, jwhich in,, formal' wousd. as highly satisfactory, and to -such a position as was' necessary' to ■ enable the Dominion to meet its ov<h ; (seas -obligations insofar as indebtive^ 6 v/as concerned. '

• The ;curtailment of imports had had a benefici-ail effect, as it had. assisted in stimulating local manufacturing in certain directions inducing /the -sute"stitution of a demand tor Dominionmade pioducts in plac© of tfid se . made overseas. On- th e other hand, , however-,, the volume of internal trade had demolished through ; the contraction o'' pur', ■chasing power consequent upon the fall in the price received for our stap-’y. products. In addition, the”reduction ip. imports had had a serious effect upon 'Customs revenue. .In view of th© condiitiotas under which trade had beep carried out during the year, however,: (the -position. Had. to -be -regarded, /ay i/atisfactory. . :• '

't[t ,is (shown- that during -the .veai; 'New Zealand’s exports to British countries totalled £33,2.22,995, as against ’£33,935,368- in t-he’-previous .year.■ Fo t - r ‘eign countries ’ took from New Zealand ‘goods to the value - 0f'£2,323,578, a; compared with £3,009,609 for -the -pfer vious ’ year. -Exports to the- United; ’Kingdom totaiUed £31,548,927, the figur© for th e previous year being. £31,558,016: -Imports frobi British countries droppt<;, from £23.438,289 to £16,171,893, ano ‘those /from/.'fore,'<?n from 387' to £6,891 to 3. *' ' :i ' ; ■:

Diiscussing trade with the' . -East, the bulletin ■ says te'Tii view Of the largs amount of interest which is being taken at* present in -the development -of our 'export trald® with the East; it may ! 'ia. worthy of mention' - that forthe year ©ndfcld June 30th, 1932, exports t ( j Japan were valued "at* £154,673, "as ’compared' with £282,271 for the previour veai’ ; to ; Hong/. Kong, ’ ’£12,866, - a-S f gainst £i^ : ;?94'J}/ Jto £i.Rri|ish f* Malaya< •■*19994,'; as J compa-fe'd with £13,051 ; to nhina, £8227', ; ias=-against- £29,347 / and W Dutch .‘East India; ’ £7230,'' in 'pariron’ with £1i;993; v ' ' y “These -.decrease® ' are; of . cOiirae, iq •line with 1 ‘the.-v.rec’ession- in our ■ export tfade/'geherN’.lyd’and •it is- aiiticipafed ' 'hat '' akV < a^’esuito’O'f' ! ■ Wie ; ’’effort® Ibeing made In ..various, /directions ‘by 4he Government ■ to develop our export 4i*ade -with /the East’.^thb’'-figures will 1: how substantial -improvements ivhaD *worid‘ /'economie conditions improve.’’/*'’