AUSTRALIA

United States exports to Australia, which had shown a large increase in 1937, declined moderately in 1938; whereas the even more exceptional value of 1937 merchandise imports from Australia was

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|1901-1905 1906-1910 1911-1915 1916-1920 1921-1925 1926-1930 1931-1935 1936-1940

Figure 33.-Trade of the United States With Oceania.

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reduced 80 percent. Both 1937 and 1938 were unusual years from the standpoint of United States trade with this area. Not since the middle 1920's, when prices were much higher, had the value of total

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Figure 34.-Trade of the United States With Australia (Not Reported Separately, 1901-05).

imports from Australia been larger than in 1937, while only during the depression years of the post-war period were imports lower than in 1938. Imports of unmanufactured wool decreased from $24,876,000 in 1937-the largest yearly value since 1925-to $2,222,000 in 1938; while the value of total imports for consumption was down from $39,061,000 to $8,768,000.

Inclusion of imports of gold with merchandise trade, however, alters the figures very considerably. Whereas merchandise imports from Australia amounted to less than $9,000,000 in 1938, imports of gold were $39,162,000, as compared with $34,713,000 in 1937. This gold represents the output of an important extractive industry, and thus partakes of the nature of merchandise trade. Gold production of Australia has increased very markedly in recent years of high prices, having doubled in the past five or six years. Including gold and a relatively small amount of silver, total imports from Australia in 1938 were $48,206,000, or 39 percent less than the figure of $78,542,000 in 1937. United States exports to Australia aggregated $73,517,000 in 1937 and $68,992,000 in 1938.

Table 46.-Principal Commodities in Trade of the United States With Australia NOTE.-Data for individual export items include only United States products. Import commodities are "general imports" in 1929 and 1932, and "imports for consumption" in 1937 and 1938.

Table 46.-Principal Commodities in Trade of the United States With Australia

2 Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years. 3 Household refrigerators only.

4 Not shown separately.

5 Chiefly Australian laurel and walnut or Queensland walnut.

The year 1938 was a relatively prosperous period for Australia. Although the peak in business activity was probably reached in the early part of the year, the advance was held generally in the later months. This situation and the fact that the Australian Government modified its import licenses and system of quotas late in 1937 account for the high volume of exports of many United States commodities in 1938. Exports of household refrigerators, metalworking machinery, printing machinery, and textiles-all of which were subject to import license or quota throughout most of 1937-increased in 1938. Leaf tobacco, gasoline, and chemical products showed little variation in 1938 in comparison with the relatively large totals in 1937. The principal United States exports to Australia which decreased in quantity during 1938 as compared with 1937 include passenger automobiles, motor trucks and busses, tractors, and lubricating oil.

NEW ZEALAND

The commodities in the trade of the United States with New Zealand are similar to those exchanged with Australia, and in recent years the trade movements have followed similar patterns. Exports to New Zealand advanced to the relatively high value of $23,881,000

in 1937 and were not greatly reduced in 1938, when they reached a total of $23,461,000. Imports from New Zealand reached the exceptional value of $22,268,000 in 1937 but dropped off to $6,559,000 in 1938.

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1901-1905 1906-1910 1911-1915 1916-1920 1921-1925 1926-1930 1931-1935 | 1936-1940 Figure 35.—Trade of the United States With New Zealand (Not Reported Separately, 1901–05).

Table 47.-Principal Commodities in Trade of the United States With New Zealand

NOTE. Data for individual export items include only United States products. Import commodities are "general imports" in 1929 and 1932 and "imports for consumption" in 1937 and 1938.

Table 47.-Principal Commodities in Trade of the United States With New Zealand-Continued

1 Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years. 2 Not shown separately.

Principal commodities of export to New Zealand in 1938 were petroleum products, agricultural machinery and implements, automobiles, industrial machinery, electrical apparatus, and leaf tobacco, in the order named. Among the items in these leading commodity groups which were smaller in value in 1938 than in 1937 were passenger automobiles, motor trucks and busses, lubricating oil, and radio apparatus, whereas shipments of construction machinery, mining, well, and pumping machinery, tractors, household refrigerators, and gasoline increased substantially.

Our imports of practically all commodities in 1938 were decidedly less than the large totals of 1937. The principal import, raw wool, decreased from $9,662,000 in 1937 to $2,025,000 in 1938, and hides and skins declined from $6,662,000 to $2,519,000. Other less impor