BRITISH INDIA AND CEYLON

Our imports from both British India and Ceylon during 1924 fell off materially but exports registered increases, despite sharper competition from Europe. Shipments to British India, amounting to $34,900,000, were some $4,650,000 greater than in 1923, owing largely to the fact that stocks of import merchandise in India were getting low and to the increased purchasing power occasioned by two successful monsoons and to appreciation of the rupee. The largest

Chart XXXVI.-TRADE OF THE UNITED STATES WITH BRITISH INDIA AND BRITISH EAST INDIES OTHER THAN STRAITS SETTLEMENTS

increases occurred in automobiles and trucks, petroleum products, iron and steel manufactures, cotton goods, and rubber manufactures; while machinery, chemicals and dyes, canned fruit, and condensed milk declined.

Our imports from India normally are three or four times the exports. During the year they declined some $25,000,000, amounting to $103,300,000. The decline was accounted for by smaller receipts of hides and skins, raw and manufactured jute, shellac, carpet wool and carpets, and tanning materials. In several other items, notably manganese, tea, rubber, and raw cotton, business was greater.

STRAITS SETTLEMENTS

Imports from the Straits Settlements in 1924 declined 3.7 per cent. The chief product contributing to the decline was rubber, the largest item, and this was wholly due to lower prices. The quantity imported advanced 2.27 per cent. Rubber prices showed a marked Chart XXXVII.-TRADE OF THE UNITED STATES WITH STRAITS SETTLEMENTS

increase in the latter part of the year. Imports of tin, the second product of importance, increased over $6,000,000 in value, though the quantity fell somewhat. Our demand for rattan, spices, and tea from this region fell off in 1924. Our imports of British Malayan gums were somewhat greater than in the previous year.

The slight increase in our exports to the Straits Settlements was due to increased sales of chemicals, canned fish products, machinery, automobiles, and trucks. Cigarettes, our largest export, fell off, as did also petroleum products, iron and steel manufactures, canned fruits, and, markedly so, cotton goods.

SOUTHEASTERN ASIA (OTHER THAN BRITISH)

Our trade with southeastern Asia-the Philippines, Dutch East Indies, Siam, and French Indo-China-increased in 1924. In the case of the Philippine Islands, from which we buy largely sugar, manila hemp, copra, and coconut oil, our imports in 1924 were $97,000,000, advancing 25 per cent over the previous year. About

Chart XXXVIII.-TRADE OF THE UNITED STATES WITH DUTCH EAST INDIES

$10,000,000 of this increase was accounted for by sugar and $4,000,000 by coconut oil. We bought slightly less hemp and embroideries than in 1923.

Our imports of Dutch East Indian products, chiefly rubber, tin, tropical foodstuffs, and gums, advanced about 5 per cent in value, amounting to $57,500,000. The year 1923, however, had witnessed an increase of 60 per cent in imports from these islands. A large amount of Netherlands Indian produce, especially rubber and tobacco, reaches the United States via Singapore and European ports, and does not appear in the reported statistics. Imports of rubber, coffee, kapok, and sisal showed the chief increases in 1924, while tin, tea, and copra declined.

Our exports to the Philippine Islands advanced 21 per cent over 1923. Normally we hold about 60 per cent of the import trade of the Philippines. Increases appeared particularly in automobiles, machinery, iron and steel manufactures, wheat flour, and canned milk. The only conspicuous decline was in cotton piece goods, due to increased competition from Great Britain and Japan.

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

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 KWANTUNG LEASED TERRITORY AND HONGKONG)

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)

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). Declines 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

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.