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total imports from Brazil. Imports of Brazil nuts increased, but there were decreases in other leading articles, such as hides and skins, rubber, and cocoa.

Chart XIX.--TRADE OF THE UNITED STATES WITH BRAZIL

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Argentina ranks first among the South American countries in our export trade, but in 1924 it dropped to third place in imports, both Brazil and Chile having exceeded Argentina in furnishing us raw materials and foodstuffs. Our imports from that country fell to $75,300,000 as compared with $115,300,000 in 1923. This decline was due largely to the comparatively depressed condition of the American leather and woolen goods industries and to the increase in flaxseed production in this country. However, high prices were ruling for Argentine goods in Europe and there was an increase in total exports from Argentina. Thus the Argentine import market was strong. Our exports to Argentina totaled $117,000,000 as compared with $112,800,000 in 1923. Our leading exports to Argentina are petroleum products, agricultural implements (which increased materially in 1924), cotton cloth, lumber, hardware, machinery, iron and steel products, automobiles (which increased sharply in 1924), musical instruments, and photographic and motion-picture supplies. The principal imports are flaxseed, wool, hides, and quebracho. Argentina's principal export products, meats and grain, are adequately supplied by our own agriculture.

Chart XX.--TRADE OF THE UNITED STATES WITH ARGENTINA

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URUGUAY

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Exports from the United States to Uruguay follow along the same lines as those to Argentina, but on a much smaller scale. The 1924 figures of American trade with that republic indicate a strong and growing demand for our goods in that country, although our imports, as in the case of Argentina and for the same reasons, fell off greatly. Our exports increased in value from $15,100,000 in 1923 to $18,200,000, and our imports declined from $21,800,000 to only $7,100,000. The chief products shipped to Uruguay were petroleum products, sugar, and lumber. Imports comprised chiefly

, hides and skins and wool.

PARAGUAY Our foreign trade figures for Paraguay are of little statistical significance as a large portion of this trade is indirect, passing through Argentina and Uruguay. Exports to Paraguay consist largely of textiles, pharmaceutical products, and hardware. Crockery, chinaware, and boots and shoes are also important items. In 1924 according to Paraguayan statistics, the United States took third place in the value of imports into the country and second place with respect to exports of Paraguayan products. Quebracho is our chief import.

BOLIVIA

Goods going to and from Bolivia must pass through one of four bordering countries, with the result that our export and import statistics do not portray fully the volume of trade or show accurately the changes in it. Imports recorded as direct from Bolivia were, in 1924, only a small fraction of those in 1923, while direct shipments to Bolivia increased by more than one-third. Imports from Bolivia consist almost entirely of mineral products, particularly tin concentrates. The principal export items are foodstuffs, textiles, and mining equipment.

CHILE Chile retained its position in 1924 as the third South American market for American goods, and rose to second place as a source of imports. Our exports to Chile in 1924 were valued at $31,400,000, a little more than in 1923, and imports amounted to $98,700,000, as compared with $91,800,000 in 1923.

Among Chilean products coming to the American markets nitrate is the most important; imports in 1924 were valued at $46,923,000, as against $41,119,000 in 1923. Copper is next, with a total of ores, concentrates, unrefined, and refined, valued at $40,039,000, compared with $39,538,000 the year before. Among our exports

. to Chile, unbleached cotton cloth, gas and fuel oil, automobiles, railway material, insulated copper wire, tin plate, and coal increased in value, while galvanized wire, galvanized sheets, machinery, sewing machines, and motion picture films fell off.

Chart XXI.-TRADE OF THE UNITED STATES WITH CHILE

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The exports from the United States to Ecuador during 1924 showed an increase of about 25 per cent as compared with 1923, while our imports from that country, .consisting chiefly of cacao beans showed only a small increase.

PERU

The trade of the United States with Peru in 1924 increased as to exports by 20 per cent, but decreased as to imports by 6 per cent. Both exports and imports were far larger than the average for the pre-war years 1910–1914. Our exports to Peru totaled $23,800,000, mostly textiles, foodstuffs, and machinery. Among imports copper was valued at $9,725,000; sugar at $2,320,000; and raw cotton at $1,640,000. Among products exported to Peru which increased in both value and volume in 1924 were, butter, lard and substitutes rubber tires, Douglas fir, paraffin wax, tin plate, sewing machines, and phonographs.

TRADE WITH EUROPE

The great importance of our trade with Europe and the changes in it caused by the war have already been discussed in the section on general geographic distribution of trade. Details for individual countries are given in Tables 37 and 38, and the changes in the trade with the four major commercial regions are shown graphically in Chart XXII.

Table 37.—Trade of the United States with Europe by Commercial Regions and

Countries
[Values in millions and tenths of millions of dollars, i.e., 00,000 omitted}

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991. 2 1, 157.1 1,096.4

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139.3 35.6

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Europe, total. 1,350.32, 363. 92, 083. 4 2,093. 42, 444.5 836.5 764. 9 Northwestern and Central, total 1, 222. 9 1, 948. 71, 765. 6 1, 799. 1 2, 095. 8 723.8 694.9 Sreden.

10.0

37.6 32.5 42.4 42. 3 9.5 19.8 Norway

7.8 32. 1 31. 2 27.6 23. 2 8. 1 13.00 Denmark.

15.4 39. 5
35. 6 38.81 43.4

2.6 Iceland.

(1)
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.1 taited Kingdom.

567.6 942. 1 855.8 882. 3 982.0 278. 9238.8 Belgium.

53. 1 117.9 101.5 100.8 116.0 40.4 35. 2 France..

138.8 224. 9 267.00 273. 1 281.7 130.1 141.9 Netherlands.

104. 6 170.9 117.8 109. 2 151.7 34. 9 45. 2 Austria,

* 20.6 1.51 1.6 1.8 3. 2 ? 18. 1 2.00 Czechoslovakis.

1.1
1.11
2.0

8.3 Hungary..

2 .1 .1

1 Germany.

304. 1 372.4 316. 1 316.8 440.5 176, 5 80.3 Switzerland.

8 7.7 4.6

9.1 24. 7 41.31 Jortheastern, total

25.9
52. 1 84.5 86.4

57.9 19.3 7.4
Finland
* 3.0 9. 2 9.6 11. 2 9.4

6.2 Estbonia.

4 2.9
3. 1 1.4 1.4

4.1 Latvia.

1.7

6.8 5. 3 1.1 Libuania

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.11 .1

(*) Poiand and Danzig.

24.8 6.4 12. 1

4.6 Russis in Europe.

23.5 14.4 28.5 6.3 41.3 19.1 .2 Soetbvestern, total..

96.8 306,7 231. 9. 299. 11. 238.1 79. & 95.0 Azores and Madeira Islands. 2 1.7 .7 5 .9

3 2.9 Gibraltar.

.5 11.5
2.71 61 .9

(1) Italy

66.0 215.5 150.9 167.5 187.0 51.1 62.3 Portugal

3.6 7.9 6. 7 8.6 8.1 6.6 3.7 Spsin.

26.2 69. 2 70.9 61.9 71. 2 21.6 26. 2 Southeastero, total.

6.11 57.4 31.8 18.8 22.9 13.8 27.7 Bulgaria.

2
1.9 6

61 .3 4 Greece..

9 29.4 11.1 11.9 16.7 3.3 21.7 Malta, Gozo, and Cyprus Islands...

1.91 1.3 1.1 1.3 Rumania. 1.4 5.0 2.4 1.2

1. 2 ..2 Turkey in Europe.

2.21 17.3

14.30

2.9 2.9 8.91 5. 2 Yugoslavia and Albania... (") 1.9 1.51 1.1 .5

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1 Less than $50,000.
· Figures given for Austria are for Austria-Hungary.
397994251-5

: Four-year average.
* July 1 to Dec. 31, 1921.

Table 38.-Percentage Distribution and Per Cent Change in Foreign Trade with

Europe by Commercial Regions and Principal Countries

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About 85 per cent of the total trade of the United States with Europe in 1924 was with the primarily industrial countries in the

Chart XXII.-TRADE OF THE UNITED STATES WITH EUROPE RELATIVE TO

PRE-WAR AVERAGE

(This chart does not show absolute values but relatives. For absolute figures see Chart X)

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northwestern and central parts of the continent, a slightly smaller proportion than in pre-war years. Our total exports to these countries aggregated $2,096,000,000, an increase of 16 per cent over 1923, and of 71 per cent over the average for 1910–1914. An increase in value of exports during 1924 was shown for all countries in the

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