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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

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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.

TRADE WITH ASIA AND OCEANIA

Tables 39 and 40 show the trade of the United States with the countries of Asia and Oceania. From the standpoint both of trade routes and of commodity character our trade with Western Asia, commonly called the Near East, differs radically from that with southern and eastern Asia and Oceania, which together are commonly designated as the Far East. Totals for the Far East are given at the bottom of the tables. Chart XXXV shows relative (not ahsolute) data for the several commercial regions.

The exports to all Asia in 1924 were $514,600,000 and to Oceania $156,500,000. Deducting the $5,500,000 exported to western Asia leaves $665,600,000 to the Far East. Our imports from western Asia are four times as great as our exports to that region but are still very small as compared with the imports from the Far East.

Table 39.-Trade of the United States with Asia and Oceania, by Commercial Regions and Countries

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

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Chart XXXV.-TRADE OF THE UNITED STATES WITH ASIA AND OCEANIA RELATIVE TO PRE-WAR AVERAGE

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

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Table 40.-Percentage Distribution and Per Cent Change in the Foreign Trade with Asia and Oceania by Commerce Regions and Principal Countries

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Western Asia includes the Arabian peninsula, Turkey in Asia, and Persia. The total value of exports to western Asia declined from 1921 to 1923, but 1924 shows a slight improvement over 1923. The exports to Turkey in Asia during 1924 consisted mostly of necessities of life and the total value was less than one-eleventh as much as in 1921. Exports to Palestine and Syria, principally petroleum products, expanded showing an increase of about 24 per cent over 1923. Exports to Persia, consisting mostly of textiles and foodstuffs, are small.

Imports from Western Asia show a considerable increase in 1924, being over 25 per cent more than in either 1922 or 1923. This increase is noted in all the countries except Aden, imports from which were

slightly less than in 1923. The chief imports from these countries are hides and skins, rugs, gums, licorice root, mohair, opium, filberts, and figs and raisins.

FAR EASTERN TRADE IN GENERAL

During 1924 the export trade to the Far East continued to respond to more thorough organization and cooperation in the representation of its interests. Keen competition was, however, faced everywhere. Political, financial, and general economic disturbances seriously hampered trade in China, Japan, and India. Lower prices of several basic commodities, particularly during the early months of the year, tended to reduce the valuation of imports. Our exports to every country in the region, except Japan, showed increases, and the total, $665,600,000, exceeded that of 1923 by 1.9 per cent. On the other hand, our imports, which amounted to $958,000,000, had dropped off over $100,000,000, there being notable reductions in both quantities and prices of many articles. Imports from China suffered most heavily, while the only countries not showing declines were the Dutch East Indies, Philippines, and Siam. The trade balance against the United States was reduced by $115,000,000 as compared with 1923. Record-breaking sales of American automobiles and trucks were made in the Far Eastern markets in 1924. Australia ranks first among the countries of the world as a market for American passenger cars. Japan led all countries as a market for American motor trucks In 1924 more than 700,000,000 gallons of refined petroleum was sold in this region, valued at approximately $80,000,000. We exported to it more than 900,000,000 feet of lumber, with a valuation of $23,000,000. Machinery continued to find large sale. The value aggregated nearly $68,000,000, Japan taking about $27,000,000 worth and Australia almost $22,000,000. The Far East took $60,000,000 worth of iron and steel. Shipments of leaf and manufactured tobacco were valued at $47,000,000; of wheat and flour, mainly to China and Japan, at $28,000,000; and of leather at $5,000,000. An aggressive dye campaign was carried on by American exporters in China, where Germany is our keen competitor.

Imports of manufactured goods from the Far East are confined largely to silk fabrics from China and Japan, burlap and jute bags from India, and sugar. Imports of textile fabrics declined in 1924. Among raw materials from the Far East, raw silk continued to rank first, being valued at $312,000,000, a decrease of $47,000,000 despite an increase in quantity. Rubber followed, with $143,000,000 (not counting rubber received from the same sources indirectly through Europe), a drop of 6 per cent in value accompanied by an increase of 5 per cent in quantity; and tin, valued at $52,000,000, ranked third, snowing some increase in value but falling off in quantity.

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