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The year showed a substantial advance of 19.8 per cent in our exports to the Dutch East Indies chiefly in fertilizers for sugar culture and in machinery and pipes and fittings. We more than held our own in this market, despite keen European competition and the lack of adequate selling organization.

Indo-China is the single exception to the record of increased trade with southeastern Asia in 1924. The lack of direct shipping con

Chart XXXIX.—TRADE OF THE UNITED STATES WITH PHILIPPINES

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nections with this country and the resultant high tariff rates imposed on transshipped goods limit our trade with this colony. Similar conditions hold our trade with Siam at a very low level also; although larger in 1924 than in 1923.

CHINA The total value of our trade with China, including Hongkong and Kwantung leased territory, was considerably less for 1924 than for the preceding year. Exports amounted to $135,300,000, recording a slight increase, owing chiefly to heavy shipments of leaf tobacco,

Chart XL.—TRADE OF THE UNITED STATES WITH CHINA (INCLUDING KWAN.

TUNG LEASED TERRITORY AND HONGKONG)

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petroleum products and copper, but most other commodities, including such important items as chemicals, wheat, wheat flour, and cigarettes, showed heavy declines. Serious political disturbances during the latter half of the year resulted in the disorganization of trade and communications. During the first six months our shipments to China were much above those in the previous year.

Our imports from China, amounting to $136,800,000, showed a decrease of $75,000,000 in comparison with 1923. The greater part of this decline was in raw silk (from China proper), valued at only $26,131,000 against $83,395,000 the preceding year. Substantial decreases were apparent also in imports of hair and hair nets, hides and skins, and tea. The only important increase was in carpet wool, imports of which rose about 35 per cent in value

JAPAN

It is natural that the abnormal conditions following the great earthquake of September, 1923, should have had far-reaching effects on our trade with Japan during 1924. In the early months of the year our exports rose to unprecedented levels, owing to the heavy demand for reconstruction materials and to special duty exemptions. However, overimportation then combined with the steady decline in Japanese exchange resulted in a falling off in shipments during later months. Our total exports to Japan showed a decline of about $14,000,000 and amounted to $250,300,000. The greater part of the

Chart XLI.-TRADE OF THE UNITED STATES WITH JAPAN (INCLUDING

CHOSEN)

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decline can be accounted for by the lower price of raw cotton. Shipments of this commodity were valued at $94,502,000, a decrease of $8,675,000; however, the quantity fell only very slightly. Furthermore, 1924 witnessed increases in our exports of petroleum products, iron and steel sheets and plates, tin and tin plate, leaf tobacco, and passenger automobiles. There were declines in sulphate of ammonia, wheat, boards and planks (Douglas fir), steel rails, copper, and motor trucks. The decline in rice exports to Japan was due to a better crop there.

Our imports from Japan during 1924 were $340,100,000, a small decrease compared with the previous year, principally in silk fabrics, tea, straw braids, and pottery. Raw silk, which makes up about 80 per cent of our total imports, recorded a substantial increase in value and an increase of one-third in quantity. Difference in prices is responsible for a great part of the decline in total value of imports, particularly since the decline in Japanese exchange, averaging nearly 20 per cent for the year, has substantially reduced the dollar valuation of Japanese commodities.

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AUSTRALIA

While our exports to Australia during 1924, $125,200,000, increased about $5,800,000 as compared with 1923, imports declined more than $8,000,000, amounting to $32,900,000. Australia is now our second best market in the Pacific area, and takes about one-quarter of its total imports from us. The principal export increases were in automobiles and trucks, chemicals, machinery, and petroleum, The increase in automobiles and trucks was more than $8,000,000, the value in 1924 being nearly $34,000,000 (including parts). De clines occurred in iron and steel, leather, motion picture films, paper, leaf tobacco, and lumber.

On the import side practically all important items, except furs and tin, registered marked declines. Wool imports fell about $5,600,000, amounting to $20,500,000, while hides and skins dropped from $3,190,000 to $1,300,000.

Chart XLII.-TRADE OF THE UNITED STATES WITH AUSTRALIA

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Our trade with New Zealand during 1924 expanded on the export side, while imports declined. Exports amounted to $29,300,000 the increase being practically confined to automobiles and refined petroleum, most other exports declining. Pressure of competition from European countries was becoming more and more apparent. Our imports from New Zealand were $13,500,000, a drop of about $2,000,000, due largely to smaller receipts of wool, butter, and sausage casings. The only important increases occurred in furs and hides and skins.

PACIFIC ISLANDS

Imports from the Pacific islands remained practically the same in 1924 as the year previous. This, however, was due to increased purchases of vanilla beans and minor products of the islands, as our demand for copra declined considerably. The limited market in the South Seas for our manufactures showed a gratifying expansion in 1924. Renewed demand for imported articles resulting from the final liquidation of old stocks, which had accumulated here in 1920 and 1921, was largely responsible for this increase.

TRADE WITH AFRICA

MEDITERRANEAN AFRICA Exports to Mediterranean Africa (Table 41), which includes Egypt, Algeria and Tunis, the Canary Islands, Morocco, Spanish Africa, and Italian Africa, amounted to $15,600,000 in 1924 as compared with $16,400,000 in 1923. Of this total $5,900,000 worth of goods were sent to Egypt, $5,500,000 to Algeria and Tunis, and $2,000,000 to the Canary Islands. Imports from this region reached a total of $32,700,000, of which $30,100,000 were from Egypt and $2,000,000 from Algeria and Tunis.

Chart XLIII.--TRADE OF THE UNITED STATES WITH AFRICA RELATIVE TO

PRE-WAR AVERAGE

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Table 41.—Trade of the United States with Africa, by Commercial Regions and

Countries

Values in millions and tenths of millions of dollars; i. e., 00,000 omitted. Several minor countries are not

listed separately but included in the totals)

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Exports to Egypt in 1924 were three and one-half times the prewar average, but less than one-half of 1921, and about 5 per cent less than in 1923. Imports from Egypt in 1924 show a gain of over 77 per cent as compared with the pre-war average, but a loss of over 22 per cent as compared with 1923, owing to smaller shipments of cotton. Of the principal articles exported from the United States to Egypt, wheat flour and kerosene showed a considerable decline in 1924, while corn sirup and corn starch showed slight increases. The chief article imported from Egypt is cotton, which declined from $36,400,000 in 1923 to $28,300,000 in 1924.

Exports to Algeria and Tunis in 1924 showed a slight decline from 1923, which, in turn, was a reduction from the 1922 trade. The principal articles of export to these French possessions are mineral oils and leaf tobacco. Exports to Morocco in 1924 continued the decline of recent years, dropping to $1,600,000 as compared with $2,100,000 in 1923 and $3,000,000 in 1922. The export trade with Morocco is mainly concentrated on gasoline, wheat, and flour.

Chart XLIV.-TRADE OF THE UNITED STATES WITH EGYPT

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Exports to the Canary Islands showed a slight increase to $2,000,000 in 1924, as against $1,900,000 in 1923, and were two and one-half times as great as pre-war exports. Mineral oils are the most important export. Imports from Mediterranean Africa, except Egypt, which are very small in amount, consist largely of iron ore and wood.

AFRICA OTHER THAN MEDITERRANEAN

The trade of the United States with Africa other than the Mediterranean area during 1924 was marked by an increase in exports and a decline in imports. Exports totaled $54,700,000, an increase of 23 per cent over 1923, and almost three times the 1910–1914 average. Imports were valued at $39,600,000, a decline of 12 per cent over 1923, but were nine times as large as the pre-war average. Threefourths of the trade with Africa other than the Mediterranean area was with British South, East, and West Africa. In 1924 exports to British Africa amounted to $46,600,000, as compared with $16,800,000 for the 1910–1914 average, and imports were valued at $21,600,000, as compared with $4,100,000. As compared with 1923, a decrease of $11,000,000 occurred in our imports from British South

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