H.—44.

GENERAL TRADE REVIEW. Following the usual custom, the overseas trade of New Zealand for the calendar year 1938 is briefly reviewed. All 1938 figures given in this section are preliminary and may be subject to some minor alterations. The total external trade figure shows a fall of £9,075,602 when compared with the figure for 1.937, which was a record one. Both export and inport figures have fallen, exports from £66,713,379 in 1937 to £58,376,283 in 1938, and imports from £56,160,695 in 1937 to £55,422,189 in 1938. Exports fell by £8,337,096 and imports by £738,506. The balance of trade —i.e., the excess of exports over imports—dropped from £10,552,684 in 1937 to £2,954,094 in 1938. The foregoing figures are exclusive of specie, exports of which during 1938 amounted to £31,805, as compared with £3,500 in 1937. Imports of specie during these two years were £31,274 and £318,508 respectively. Specie is given at face value.

Table I.—External Trade (excluding Specie).

EXPORTS. Table 11, set out hereunder, shows the quantities and values of the principal commodities (excluding specie) exported from New Zealand during the calendar years 1937 and 1938 : —

Table II. —Principal Exports (excluding Specie).

The greatest variation shown in the table is the fall of £6,907,977 in the value of wool exported during the year 1938 as compared with the year 1937. The quantity of wool exported fell by 4 per cent., but owing to the lower prices obtained the value decreased by 36 per cent. Increases in quantities and values over 1937 figures were recorded for beef, mutton, and apples. Cheese and grass-seed show increased returns although the quantities exported were smaller.

2

I 3llt 6 December, Ex P orts " Im P orts - Total External Trade. £(N.Z.) £(N.Z.) £(N.Z.) £(N.Z.) 1929 .. .. 54,930,063 48,734,472 103,664,535 6,195,591 1930 .. .. 44,940,517 44,339,654 89,280,171 600,863 1931 .. .. 34,950,698 26,498,151 61,448,849 8,452,547 1932 .. .. 35,609,919 24,646,006 60,255,925 10,963,913 1933 .. .. 41,005,919 25,581,366 66,587,285 15,424,553 1934 .. .. 47,342,847 31,339,552 78,682,399 16,003,295 1935 .. .. 46,538,678 36,287,544 82,826,222 10,251,134 1936 .. .. 56,751,940 44,134,326 100,886,266 12,617,614 1937 .. .. 66,713,379 56,160,695 122,874,074 10,552,684 1938 .. .. 58,376,283 55,422,189 113,798,472 2,954,094

Year ended 31st December, Item. 1937. 1938. Quantity. Value. Quantity. Value. £(N.Z.) £(N.Z.) Butter . .. .. Cwt. 2,976,085 16,986,477 2,614,549 16,520,226 Cheese .. .. „ 1,647,255 5,371,878 1,610,523 5,935,061 Beef .. .. „ 851,850 ],246,445 906,280 1,552,421 Lamb . .. .. 2,769,788 9,380,363 2,617,086 9,131,965 Mutton .. .. „ 870,264 1,636,024 1,021,286 2,043,654 Pork .. .. „ 599,545 1,733,903 521,244 1,727,129 Hides and calf-skins .. No. 1,670,112 1,031,076 1,763,445 742,806 Rabbit-skins .. .. „ 12,050,438 557,132 10,268,012 247,390 Pelts .. •• „ 10,759,059 1,619,103 12,279,130 966,784 Wool .. ■■ Bales 835,573 19,093,291 798,518 12,185,314 Tallow .. .. Tons 25,940 647,969 29,613 524,775 Kauri-gum .. .. „ 3,226 151,589 2,304 103,777 Gold (including re-exports) Oz. 172,652 1,438,492 153,057 1,301,045 Sausage-casings .. .. lb. 4,224,227 760,264 4,027,891 739,685 Phormiumtenax .. .. Tons 5,193 127,284 4,409 80,472 Apples .. .. lb. 36,082,757 452,335 56,939,767 732,370 Grass-seed Cwt. 47,084 143,817 38,902 190,870 Timber .. .. .. Sup.ft. 17,641,718 200,575 14,524,985 177,578 Milk (dried and preserved) lb. 24,713,648 364,676 20,524,013 306,992 Other items .. .. •• •• 3,770,686 .. 3,165,969 Total exports .. .. .. 66,713,379 58,376,283