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region except Norway and Sweden and was particularly large for the countries of central Europe. Exports of cotton, the principal commodity in this trade, were much larger than in 1923 and there were also important increases in wheat, copper, and petroleum products. Exports of pork products, however, were somewhat smaller.

Imports from northwestern and central Europe declined from $984,000,000 in 1923 to $924,000,000 in 1924 and were only 28 per cent more than the average for 1910–1914. Decreases were shown in the imports from all countries except Norway, Sweden, Czechoslovakia, and Austria. Imports of cotton and woolen textiles were smaller than in 1923, while imports of wood pulp, tin, and tea were larger. In crude rubber a decline in imports from the Netherlands was about offset by increased imports from the United Kingdom.

SCANDINAVIAN COUNTRIES

There was a slight increase in our total trade with the Scandinavian countries during 1924. Exports amounted to $108,900,000

Chart XXIII.-TRADE OF THE UNITED STATES WITH SWEDEN

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and imports to $67,500,000 as compared with $108,800,000 and $62,900,000, respectively, for 1923. These figures far exceed those of the pre-war years, but are much lower than for the peak year of 1920. The excess of exports has shown a rather steady decline and for 1924 was $41,400,000 as compared with $45,900,000 for 1923.

Chart XXIV.-TRADE OF THE UNITED STATES WITH NORWAY

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Of the Scandinavian countries, Denmark was our largest customer in 1924 and took exports amounting to $43,400,000, an increase of 12 per cent. Sweden came next with $42,300,000, practically the same as for 1923, while exports to Norway declined from $27,600,000 to $23,200,000. In our imports from these countries, Sweden ranked first, in 1924, with a total of $40,000,000, 10 per cent more than the year before, while imports from Norway, which also increased, amounted to $21,400,000. Denmark's share in our imports remains

very small.

The chief exports to Scandinavian countries were raw cotton, cottonseed cake, grains, petroleum products, automobiles and parts, copper, and tobacco leaf. Exports of automobile parts, petroleum products, and cottonseed cake to Denmark showed the most important gains, while exports of passenger automobiles and copper to Sweden, rye to Norway, and wheat and corn to Denmark were considerably smaller than in 1923.

The features of our import trade from Scandinavian countries were increases in purchases of chemical wood pulp from Sweden and of fish and aluminum from Norway and decreases in newsprint paper from both Sweden and Norway and in iron ore from Sweden.

Chart XXV.-TRADE OF THE UNITED STATES WITH DENMARK

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The United Kingdom, during 1924, took a somewhat larger proportion of our total exports and furnished a slightly smaller part of our imports than in 1923. The trade of all of Ireland is included in these statistics. Exports to the United Kingdom increased 11 per cent as compared with 1923 and amounted to $982,000,000, over one-fifth of our total export trade. The United Kingdom continued to be the second largest source of American imports in 1924, though their value, $366,500,000, was 9 per cent less than in the previous year. Imports of commodities actually produced in the United Kingdom showed an even larger decrease as the trade in exotic products increased substantially.

The principal changes, as compared with 1923, in exports were increases of grain and various industrial raw materials and decreases in animal foodstuffs. Raw cotton, the chief export, totaled $272,000,000, an increase of 11 per cent over 1923. Wheat was valued at 864,000,000, almost three times as much as in the previous year; this increase was due in part to the decrease in British imports from Canada and other producing countries, and in part to higher prices. Exports of mineral oils in 1924 amounted to $82,700,000, an increase of 27 per cent, and of leaf tobacco to $83,500,000. Exports of refined copper, lead, canned fruit, barley, and lard were also substantially larger than in 1923, but those of bacon, refined sugar, and corn were only about one-half as large as in the preceding year. .

Chart XXVI.-TRADE OF THE UNITED STATES WITH UNITED KINGDOM

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The decrease in our imports from the United Kingdom in 1924 was chiefly in textiles and textile raw materials. Imports of cotton cloth totaled $31,000,000, 17 per cent less than in 1923. Import trade in rubber, tin, tea, and furs—all products not originating in the United Kingdom-reached a somewhat higher value than in 1923.

BELGIUM

The value of our exports to Belgium advanced 15 per cent to $116,000,000 in 1924. The leading increase was in wheat, valued at $16,700,000 as against $9,100,000 in 1923. Cotton, the most important item, was valued at $23,800,000, a decrease of about 6 per cent. Exports of petroleum products and refined copper increased substantially, while the most important declines were in passenger automobiles, bacon, and lard.

Chart XXVII.-TRADE OF THE UNITED STATES WITH BELGIUM

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Imports from Belgium in 1924 showed a decrease of 4 per cent, amounting to $65,600,000. Diamonds continued to be the principal item, but the value in 1924 was $24,000,000, a decrease of 17 per cent. There were also substantial decreases in cylinder and plate glass. Imports of undressed furs, on the other hand, increased 55 per cent.

FRANCE

Although exports to France in 1924 showed an increase of 3.5 per cent over 1923, totaling $281,700,000, the percentage of our total export trade going to France was less than in 1923. The principal increase occurred in the leading item, raw cotton, valued at $114,300,000 in 1924, as compared with $101,900,000 in 1923. Exports of wheat were worth $10,500,000, an increase of 57 per cent. Exports of sugar, lard, and bacon declined. Gasoline exports, $32,000,000 in 1923, fell to $30,100,000 in spite of a slight increase in the quantity exported, but exports of kerosene and lubricating oil increased in value. Exports of bituminous coal were less than one-half as large as in 1923, largely due to increased home production and improved receipts from the Ruhr.

There was a slight decline in the value of imports from France during 1924, from $149,600,000 to $147,600,000, but the percentage of our total imports received from France advanced from 3.9 to 4.1.

Chart XXVIII.-TRADE OF THE UNITED STATES WITH FRANCE

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No pronounced change is observable in the character of imports. Decreases occurred in calfskins and cattle hides, and imports of raw silk were only about one-fifth as large as in 1923. Imports of pearls and of gold and silver fabrics were also substantially smaller.

NETHERLANDS Exports to the Netherlands during 1924 advanced 39 per cent, and totaled $152,000,000, while their percentage of our total exports increased from 2.6 per cent to 3.3 per cent. Owing largely to the heavy exports of merchandise to the Netherlands which is destined for consumption in Germany and other countries, our exports to that country, in proportion to its population, continued to be higher than to any other European country. Wheat exports, $20,400,000, were over two and one-half times as large as in 1923, while flour showed a corresponding advance to $12,300,000. Exports of corn and rye, however, were much less than in 1923. Cotton advanced 24 per cent to $16,800,000 and petroleum products showed a general increase. a striking increase occured in refined copper, which reached $8,300,000 as against $2,500,000 in 1923.

There was a decline in imports from the Netherlands, from $77,500,000 in 1923 to $74,000,000 in 1924. Diamonds, the most important article, reached a value 3 per cent higher than in 1923, while tobacco leaf for cigar wrappers, ranking second, declined 17 per cent. Imports of crude rubber were only about one-half as large as the year before.

Chart XXIX.—TRADE OF THE UNITED STATES WITH NETHERLANDS

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Exports to Germany increased 39 per cent in 1924 to a total of $440,500,000. A considerable fraction of the shipments to Germany, however, consists of goods destined for central and eastern Europe; on the other hand, many of the exports credited to Netherlands are Teshipped into Germany. Over half of the reported exports to Germany during last year consisted of raw cotton, and much of this cotton was actually destined for Poland and Czechoslovakia; the total credited to Germany was valued at $223,500,000, an increase of 50 per cent as compared with 1923. Wheat exports reached a value of $10,200,000, about four times as large as in the preceding year and wheat flour also showed a substantial increase. The gain in barley

Chart XXX.-TRADE OF THE UNITED STATES WITH GERMANY

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from $85,000 to $4,700,000 was particularly striking. There were also extremely large increases in prunes and apricots, and condensed milk almost doubled in value. Exports of leaf tobacco were also much larger than in 1923, totaling $7,100,000. In contrast with these large increases, direct exports to Germany of rye and corn were less than half as much as in 1923, and exports of pork products were

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