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

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.

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

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 reshipped 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

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

also much smaller. No doubt, however, much rye shipped to Canada ultimately reached Germany.

Imports from Germany declined from $161,200,000 in 1923 to $139,300,000 in 1924, probably owing to the increased production costs in Germany. Imports of kip and calf skins, leather gloves, laces, embroideries, and newsprint were substantially smaller than in 1923, while the only important increases were shown by woolen fabrics, wearing apparel, decorated china, and dyes.

SWITZERLAND

American exports to Switzerland are sent through other countries, and are largely credited to them as destination; consequently the importance of the trade is not fully indicated by the statistics. However, more American goods are being shipped directly to Switzerland; reported exports to that country totaled $9,100,000 in 1924, an increase of 54 per cent. Exports of passenger automobiles and raw cotton, the two principal commodities, were over twice as large as in 1923. The leading items showing decreases in 1924 were leaf tobacco, lard, and typewriters. Recorded imports from Switzerland, which much more nearly represent the true trade than in the case of exports, show a value of $35,600,000 in 1924, a decline of 7 per cent. Purchases of cheese declined from $5,700,000 to $4,800,000 and cotton cloth, other cotton manufactures, and silk wearing apparel also registered decreases. The other leading import items, spun silk, colors and dyes, silk fabrics, hat materials and hats, all showed small increases.

CZECHOSLOVAKIA, AUSTRIA, AND HUNGARY

Export trade of the United States with the countries of central Europe Czechoslovakia, Austria, and Hungary-passes through other countries and is largely credited to them in our statistical records. Our exports to these countries consists largely of cotton, grain, minerals, oils, and miscellaneous manufactures which pass through Germany, the Netherlands, or Italy. Exports actually credited to the central European countries in 1924, were substantially larger than in 1923 but only totaled $1,950,000 for Czechoslovakia, $3,190,000 for Austria, and $370,000 for Hungary.

The published figures for imports from these countries, on the other hand, more nearly correspond to the actual trade. They were larger last year than in 1923, except for Hungary, and amounted to $22,400,000 for Czechoslovakia, $5,020,000 for Austria, and $590,000 for Hungary. Imports of decorated china from Czechoslovakia, the most important single item, increased 57 per cent to an aggregate of $868,000 in 1924.

NORTHEASTERN EUROPE

The region designated as northeastern Europe includes Finland, the three small Baltic States, Poland and Danzig, and Russia. Statistics of the trade with these countries are much affected by the rearrangement of boundaries due to the war. Furthermore, much of the trade (except perhaps with Finland) is indirect so that the published figures do not correctly indicate it or its changes. Comparisons are also rendered difficult by the fact that American exports in several recent years consisted largely of food shipments sent as gifts or furnished on credits extended by the United States Government.

Finland.

Trade with Finland declined in 1924, after a considerable expansion in 1923. Exports to Finland totaled $9,400,000 as against $11,200,000 and our imports were $8,200,000 as against $10,300,000. Finland's chief exports to the United States are woodpulp and paper, while its chief item of import from the United States is wheat flour.

Chart XXXI.-TRADE OF THE UNITED STATES WITH FINLAND

Our reported exports to the three Baltic States, Esthonia, Latvia, and Lithuania, declined markedly, from $6,800,000 in 1923 to $2,600,000 in 1924. Our imports from them, however, increased 20 per cent and totaled $5,300,000. Most of these imports are from Latvia and consist of furs and skins, largely originating in Russia. The much larger shipments to these countries in 1922 were in considerable part relief goods destined for Russia.

Russia.

Reported exports to Russia in Europe in 1924 amounted to $41,300,000, as compared with $6,300,000 for 1923. This great increase was primarily in shipments of cotton, which in 1924 totaled 238,000 bales, valued at $36,738,000, as compared with 6,000 bales in 1923, valued at $1,056,000. However Russia in 1923 had taken a great deal of American cotton indirectly. The only other conspicuous item of export was binder twine, whereas shipments in 1923 39799-251-6

were insignificant. Total imports from Russia amounted, in 1924, to $8,000,000, as compared with $1,300,000 in 1923; the principal item is furs.

Poland and Danzig.

During 1924 direct exports to Poland amounted to $4,600,000, representing a decline of approximately 62 per cent from 1923. Much of the export trade, however, is indirect and is credited to other countries. Actual imports of American cotton into Poland, for example, are several times larger than our figures of cotton exports to that country. The principal American exports to Poland are cotton, flour, lard, and railroad equipment.

Imports from Poland have not showed such wide fluctuations as have exports. During 1924 they amounted to $2,800,000 as compared with $3,600,000 in 1923, and $1,900,000 in 1922. The chief article of import is fur.

SOUTHWESTERN EUROPE

The term "Southwestern Europe" as here used includes Italy, Spain, and Portugal, also the Azores and Madeira Islands and Gibraltar. Exports to this region showed an increase in value from $239,100,000 in 1923 to $268,100,000 in 1924, and their percentage to our total export trade advanced slightly. Imports from southwestern Europe amounted to only $110,000,000 in 1924, a decrease of 15 per cent, and the ratio to the total import trade declined, due to a reduction in imports from Italy.

ITALY

In 1924 exports to Italy totaled $187,000,000, an increase of 11.6 per cent. A very large proportion consisted of basic commodities.

Chart XXXII.-TRADE OF THE UNITED STATES WITH ITALY

Raw cotton is the principal item of export; shipments in 1924 were valued at $84,400,000, as compared with $82,700,000 in the previous year. Wheat exports, second in importance, increased 17 per cent and a larger quantity of pork products was also sold. Exports of petroleum products, except gasoline, were larger than in 1923.