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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

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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

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1910-14 1921 1922 1923 1924

(1319.441 Baltic States.

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

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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

IMPORIS

EXPORTS

MILLIONS OF DOLLARS
50 100 150 200

INDEX NUMBERS 1910-14 AVERAGE =100 100

200 300

1910-14

1921
1922
1923
1924

0319-34-0)

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. Refined copper advanced from $10,500,000 to $14,800,000. Exports of leaf tobacco were less than half as great as in 1923.

Imports from Italy declined 19 per cent in 1924 to an aggregate of $75,000,000, less than one-half the value of exports. Two items chiefly account for the decrease, raw silk, which fell from $20,700,000 to $7,300,000 and cheese, which declined in value from $10,400,000 to $8,900,000, in spite of a 10 per cent increase in quantity. Imports of hats and hat materials, lemons, and almonds were also much smaller. The most important increase was in cigarette leaf tobacco (for the most part not originating in Italy itself), which totaled $3,500,000, over three and one-half times as much as in the preceding year. Imports of olive oil, filberts, and walnuts also increased.

PORTUGAL AND ISLANDS

Exports to Portugal amounted to only $8,100,000, as compared with $8,600,000 in 1923, while imports were reduced 20 per cent to $3,040,000. Exports to the Azores increased, while imports of embroidery from Madeira were so large as to make our trade with that region considerably more important. In 1924 the total value of imports from the Azores and Madeira was $2,960,000, which was 27 per cent more than in 1923 and almost equaled the imports from Portugal.

SPAIN

The increase of 15 per cent in exports to Spain during 1924, to a total of $71,000,000, was due largely to a single item, raw cotton.

Chart XXXIII.-TRADE OF THE UNITED STATES WITH SPAIN

MILLIONS OF DOLLARS
20 40

60

INDEX NUMBERS 1910-14 AVERAGE = 100 b 100

200

EXPORTS

1910-14 1921 1922 1923 1924

(1319-34.7)

Shipments of cotton were valued at $36,100,000, as against $26,800,000 in 1923. Petroleum products showed a considerable advance, and small increases occurred in exports of bacon, leaf tobacco, typewriters, and motion-picture films. There were declines in passenger motor cars (8 per cent), commercial motor cars, calf leather, southern pine lumber, staves, and copper.

Imports from Spain fell from $31,500,000 to $29,000,000. The leading decreases were in olive oil, goat and kid skins, sheep and lamb skins, and iron ore. The most important increase was in unrefined copper and copper ore.

SOUTHEASTERN EUROPE

The region designated as southeastern Europe includes Bulgaria, Greece, Rumania, Turkey in Europe, Yugoslavia, Albania, and the islands of Malta, Gozo, and Cyprus. Most of these countries are largely dependent upon the Mediterranean for their foreign trade. Comparisons between recent and pre-war trade statistics are very unsatisfactory, as boundaries have been much changed. A considerable portion of this territory formerly belonged to the AustroHungarian Empire. Yugoslavia, Rumania, and Greece have increased in area.

Bulgaria, on the other hand, is somewhat smaller. Indirect trade is an important factor in this region.

In 1924 our direct exports to this region were slightly over four times as great as before the war and over 20 per cent more than in 1923 but much less than half those of 1921. The gain over 1923 is accounted for mostly by exports to Greece, which showed an increase of more than 40 per cent, mostly in the line of foodstuffs and neces

Chart XXXIV.--TRADE OF THE UNITED STATES WITH GREECE IN EUROPE

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sities, owing to the recent influx of refugees from Turkey. During the war and immediately after its close the United States gained enormously in exports to all countries included in this region, chiefly because of the shutting off of other sources of supply, but this trade later declined owing to the gradual rehabilitation of western Europe.

Our exports to this region are varied in character; Greece and Turkey take foodstuffs and petroleum products; Rumania textiles and agricultural machinery, and all of the Balkan countries a considerable variety of manufactured goods.

The value of imports from this region during 1924 was almost three times the pre-war average and showed an increase of over 60 per cent as compared with 1923. This gain was largely due to imports from Greece, which almost doubled in 1924 and were over eight times the pre-war average. Imports from southeastern Europe consist mostly of cigarette tobacco, currants, and olive oil from Greece; mohair and filberts from Turkey in Europe; walnuts, glue, and hog bristles from Rumania; pyrethum flowers and hides and skins from Yugoslavia; and attar of roses from Bulgaria.

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