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Exports. The following figures show the values of the main items of export in 1927 as compared with 1926 : —

In most of the foregoing items there was in 1927, as compared with the previous year, an increase in the quantities exported. Hides and calf-skins, rabbit-skins, kauri-gum, and sausage-skins were the only lines in the list which showed a decline in the quantities sent overseas. The direction of our export trade is of interest. The following table records the values of our main markets in 1925, 1926, and 1927 : —

While the United Kingdom still takes over three-quarters of our exports, her share shows a tendency to diminish. Moreover, much of the produce recorded as going to the United Kingdom is re-exported to other countries, and particularly to the European Continent. The following percentages show the proportion of our total exports taken by our leading customers in 1925, 1926, and 1927 lQ9fi 1Q97 United Kingdom .. .. .. .. 79-76 77~53 76-04 United States of America .. .. .. 7-87 8-43 5-53 Australia .. .. .. .. .. 4-53 6-75 7-57 Canada .. .. .. .. .. 0-77 1-90 3-44 France .. .. .. .. .. 1-07 - 1-51 2-08 Germany .. .. .. .. .. 2-92 0-80 2-35 Belgium .. .. .. .. .. 0-35 0-38 0-34 Japan .. .. .. .. .. 0-42 0-36 0-52 Imports. Our imports are, both in character and origin, much more diversified than is the case with exports. Many classes of imports are of importance, such items as sugar, apparel, footwear, motor-vehicles, tires, and motor-spirit, piece-goods, hardware, and electrical equipment —all representing large values. The decrease in imports in 1927 was in very large measure due to reduced buying of motor-vehicles and motor-spirit. Our imports are drawn to a much greater extent from British than from foreign sources, but foreign countries sell to us, however, nearly two and a half times the value of the goods which they buy from the Dominion.

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Item. 1926. 1927. Increase. Decrease. £ £ £ £ Butter .. .. .. 8,695,188 10,915,390 2,220,202 Cheese .. .. .. 5,939,359 5,582,596 ..§8 356,763 Beef (frozen) .. .. 511,996 583,871 71,875 Lamb (frozen) .. .. 5,593,463 6,011,939 418,476 Mutton (frozen) .. .. 2,122,099 2,035,558 .. 86,541 Hides and calf-skins .. .. 755,537 922,825 167,288 Rabbit-skins .. .. 829,165 682,658 .. 146,507 Pelts .. .. .. 1,273,688 1,195,044 .. 78,644 Wool .. .. .. 11,830,190 12,961,744 1,131,554 Tallow .. .. .. 741,045 714,441 .. 26,604 Kauri-gum .. .. .. 332,765 278,632 .. 54,133 Gold .. .. .. 516,207 534,639 18,432 Sausage-skins .. .. 780,811 756,123 .. 24,688

— j 1925. 1926. | 1927. British Possessions, Protectorates, &c.— £ £ £ United Kingdom .. .. .. 44,073,323 35,102,087 36,877,887 Australia .. .. .. .. 2,502,113 3,054,433 3,670,462 Canada .. .. .. .. 423,068 861,717 1,666,598 All other British countries .. .. 594,128 508,380 550,435 47,592,632 39,526,617 42,765,382 Foreign Countries and Possessions — United States of America .. .. 4,349,758 3,818,232 2,681,091 France .. .. .. .. 600,814 681,668 1,008,291 Germany .. .. .. .. 1,614,090 364,629 1,139,654 All other foreign countries .. .. 1,104,978 884,429 901,936 7,669,640 5,748,958 5,730,972 Totals, all countries .. .. 55,262,272 45,275,575 48,496,354