H.— 44.

The following table sets out for each of the past seven years the value of our imports, exports, total external trade, and trade balance :—

Exports during 1928 reached a new record, exceeding that of the previous record year, 1925, by nearly £1,000,000. The excess of exports over imports for 1928 (£11,302,215) has only once been exceeded, and that was in the abnormal year of 1919. The diagram which follows illustrates these figures graphically. It will be noticed that on only two occasions during the ten years covered by the diagram have the values of imports exceeded the exports — namely, in 1920 and 1926. The wide divergence between the lines representing imports and exports in 1928 clearly represents the very favourable trade balance in that year.

Values of Exports and Imports of New Zealand, 1919-28.

Exports. The following figures show the values of the main items of export in 1928 as compared with 1927 :—

Some important increases in the values of exports are noticeable in the above figures. As compared with the previous year, the quantities of the following items exported show increases—namely, cheese, frozen beef, frozen lamb, hides and skins, wool, tallow, and sausage-casings ; while decreases in quantities are recorded in butter, frozen mutton, rabbit-skins, pelts, kauri-gum, and gold.

2

I V- T , r , tji 4. Total External Excess of lear " Xm P° rte ' | Ex P° rte ' Trade. Exports. I I £ £ £ £ 1922 .. .. .. 35,012,561 42,726,249 77,738,810 7,713,688 1923 .. .. .. 43,378,493 45,967,165 89,345,658 2,588,672 1924 .. .. .. 48,527,603 52,612,711 101,140,314 4,085,108 1925 .. .. .. 52,456,407 55,262,272 107,718,679 2,805,865 1926 .. .. .. 49,889,563 45,275,575 95,165,138 4,613,988* 1927 .. .. .. 44,782,946 48,496,354 93,279,300 3,713,408 1928 .. .. .. 44,886,266 56,188,481 101,074,747 11,302,215 * Excess of imports.

I Item. 1927. 1928. Increase. Decrease. £ £ £ j £ Butter .. .. .. 10,915,233 11,302,667 387,434 Cheese .. .. .. 5,582,596 6,693,951 1,111,355 Beef (frozen) .. .. 583,871 1,043,782 459,911 Lamb (frozen) .. .. 6,011,936 6,641,222 629,286 Mutton (frozen) .. .. 2,035,558 1,946,013 .. 89,545 Hides and calf-skins .. .. 922,825 1,228,105 305,280 Rabbit-skins .. .. 682,658 582,148 .. 100 510 Pelts .. .. .. 1,195,044 1,409,514 214,470 '. Wool .. .. .. 12,961,744 16,679,098 3,717,354 Tallow .. .. .. 714,441 804,271 89,830 Kauri-gum .. .. .. 278,632 240,139 .. 38,493 Gold .. .. .. 534,652 489,584 .. 45,068 Sausage-skins .. .. 755,523 799,356 ; 43,833 ..