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Chart VII.-DISTRIBUTION OF THE FOREIGN TRADE OF THE UNITED STATES BY GREAT GROUPS

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Table 12.-Increase or Decrease in Foreign Trade by Economic Classes

Total..

Class

Crude materials.

Crude foodstuffs.

Manufactured foodstuffs.

Semimanufactures..

Finished manufactures..

Miscellaneous..

1 Less than $500,000 increase.

(1319-5

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All of the five great classes shared in the increase in our export trade in 1924, as compared with 1923, with the exception of manufactured foodstuffs, which declined somewhat on account of reduced shipments of meats. The greatest ratio of increase, 52 per cent, was in crude foodstuffs, attributable chiefly to an increase of nearly 70 per cent Chart VIII. PERCENTAGE DISTRIBUTON OF FOREIGN TRADE OF THE UNITED STATES BY GREAT GROUPS

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in exports of wheat (grain) in quantity and over 100 per cent in value. An increase of 10 per cent appears in crude materials, principally on account of the shipment of about one-fourth more cotton; tobacco also increased considerably, but exports of coal fell off. The very considerable increase in the exports of semimanufactures (articles partly finished and requiring further elaboration or articles subjected to very simple manufacturing processes only) appeared chiefly in copper, lead, and gas and fuel oil. Finished manufactures, which have in all years since the war constituted the largest group in our export trade, showed an increase of $110,000,000, or 8 per cent. This increase was chiefly in machinery, vehicles, (for the most part automobiles and parts thereof), and mineral oils; exports of iron and steel, textile manufactures, and chemicals remained practically stationary or declined.

The decline in our total imports in 1924 as compared with 1923 was not shared by crude foodstuffs which increased by one-sixth in value, chiefly on account of the importation of more coffee at decidedly higher prices. Imports of manufactured foodstuffs fell off only slightly, and the decline was due to the lower price of sugar, by far the most important item. There was a comparatively moderate falling off in manufactures ready for consumption. The reduction of 11 per cent in crude materials was chiefly due to lower prices of silk and rubber, the quantities of which increased, and to much reduced imports of wool; the receipts of crude petroleum remained stationary and the value increased materially. . The fall in the imports of semimanufactured articles is attributable to reduced quantities or lower prices in numerous items in that group, notably in lumber and shellac; a considerable number of important items, however, remained substantially unchanged, notably unrefined copper, tin, and diamonds.

A comparison of our annual exports by classes for the last four years (Table 11) shows that the most variable groups have been crude materials and crude foodstuffs. Variations in the prices of our major agricultural exports have affected these groups materially, as well as very considerable changes in the quantities exported, especially of grain. A number of powerful and highly changeable factors affect the trade in these commodities. The most variable groups in our imports are crude materials and semimanufactures, the takings of which are much affected by the general business situation in this country.

Comparison with Pre-War Years.

During the five years preceding the war crude materials constituted one-third of our exports, considerably exceeding finished manufactures. In 1924 the proportion of crude materials had fallen to 29.5 per cent and finished manufactures had become the most important group, constituting 35.3 per cent of total exports. The decline in the relative importance of crude materials in our exports would have been much more conspicuous but for the fact that the price of raw cotton, which constitutes more than two-thirds of the total for the class has increased much more than the prices of export commodities in general, this rise having much more than offset this sharp decrease in the quantity of cotton exported. There has also been a marked falling off as compared with pre-war years in the relative importance of semimanufactures in export trade. The two foodstuffs groups taken together during the last two years constituted a little higher proportion of our aggregate exports than before the war.

Among the imports the class of manufactured foodstuffs shows the sharpest change in proportion, constituting 14 per cent in 1924 as against 11.5 per cent before the war. The change has been due to increased importation of sugar at much higher prices. Finished manufactures constitute a considerably smaller proportion of total imports in 1924 than before the war, 20.8 per cent as compared with 23.1 per cent. The proportion of crude materials would be materially higher than before the war were it not for the fact that the price of rubber, the quantity of which imported has risen enormously, has declined greatly as compared with pre-war years, contrasting with the increase in the prices of most other commodities. The comparatively moderate increase in the prices of imported metals over Chart IX.-DISTRIBUTION OF THE FOREIGN TRADE OF THE UNITED STATES BY ECONOMIC CLASSES, BY CALENDAR YEARS

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pre-war levels similarly goes in large part to account for the fact that the proportion of semimanufactures in our total imports has not risen.

The decline in the relative importance of raw materials in our exports and of finished manufactures in our imports, and the correlative advance in the proportion of manufactures in our exports, which appear in comparing pre-war years with recent years, represents the continuance of a tendency which had been manifest over a long period prior to the war. (See Table 13 and Chart IX.) In the 20 years between 1890-1894 and 1910-1914, the proportion of finished manufactures in our exports had doubled, and the proportion of crude materials in our imports had risen from 22.2 to 34.4 per cent, the proportion of semimanufactures having also risen con

siderably. However during these pre-war decades the increase in the relative importance of finished manufactures in our exports had been largely at the expense of a fall in the proportion of foodstuffs exported, the proportion of crude materials (cotton the principal item) had declined only moderately. The war had the effect of stimulating the production of foodstuffs in this country, so that at least for the time being the decline in their relative importance among our exports was checked.

Table 13.-Foreign Trade by Economic Classes, 1875 to 1923 Beginning with 1915, figures are for calendar years, previously for years ending June 30 [Values in millions of dollars]

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Quarterly Movements by Economic Classes.

There are decided important seasonal factors in the exportation of crude materials and of crude foodstuffs, and in the importation of both crude and manufactured foodstuffs (Table 14.) The other groups show less seasonal variation, and the changes in them are attributable rather to other causes. The exports of each of the five principal classes during the last quarter of 1924 were with few excep tions greater than during any preceding quarter since the beginning of 1921. The imports of each of the groups during that quarter were, with one or two exceptions, greater than in any quarter since the spring of 1923.

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