Table 33.-Ratio of Exports to Production of Important Manufactured Items [Production statistics from Census of Manufactures for years indicated: exports for corresponding calendar

years]

In 1924 our exports to Northern North America represented 13.8 per cent of our total export trade, as compared with 15.8 per cent in 1923 and 14.8 per cent in 1910-1914. Imports from this region amounted to 11.1 per cent of our import trade, which was about the same as in 1923 and compares with 7.0 per cent in 1910-1914.

Table 34.-Trade of the United States with Canada and other Northern North America

Includes Newfoundland and Labrador, Greenland, and Miquelon and St. Pierre Islands.

Ninety-nine per cent of the trade with northern North America is confined to Canada, which is our second largest market. The value of our exports to Canada in 1924 was $624,000,000, 4 per cent less than in 1923, but almost twice the average for 1910-1914. Imports from Canada were valued at $399,100,000 as compared with $416,000,000 in 1923 and $117,200,000 in the average pre-war year.

Foodstuffs form an important item of the recorded trade between the United States and Canada though a large part of the movement of these, in both directions, represents goods subsequently reexported to Europe. The exports of wheat to Canada amounted to $72,800,000 in 1924, two and one-half times as great as in 1923. Exports of rye increased six-fold, to $25,958,000 in 1924. Practically none of this grain remains in Canada. Exports of anthracite coal to Canada declined one-fifth in value to $39,200,000, and bituminous coal exports fell from $80,200,000 in 1923 to $51,400,000 in 1924. Exports of oranges, cotton cloth, binder twine, iron and steel plates and sheets, tin plate, and automobiles were also smaller in 1924, whereas crude petroleum, gasoline, and fuel oil increased.

Chart XIV.-TRADE OF THE UNITED STATES WITH CANADA

Imports of standard newsprint paper from Canada rose to $91,300,000 in 1924, an increase of 8 per cent. Imports of wood pulp, boards and planks, and shingles, on the other hand, declined and bituminous coal imports were less than one-third as large as in 1923. Imports of wheat also declined.

TRADE WITH LATIN AMERICA

In 1924 Latin America moved from third to second place in the great trade regions as a supplier of our imports, and retained second place as a purchaser of our products, being outranked only by Europe. Our imports from the Latin American region (exclusive of Porto Rico but including Virgin Islands of the United States) showed & slight increase, from $1,050,600,000 in 1923 to $1,059,600,000 in 1924, while our exports increased from $695,000,000 to $771,200,000, or by 11 per cent; they exceeded the average pre-war exports over two and one-half times. Shipments to the mainland of the United States from Porto Rico were $77,331,000 in 1924, and our shipments to those islands were $78,412,000.

Table 35.-Trade of the United States with Latin America, by Commercial Regions and Countries

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

There were marked declines in imports from the River Plate region, not due to small production there, but to better demand and higher prices for its products in the reviving 'markets of Europe. In fact our increased sales in Latin America as a whole were made possible in large part by the higher prices paid by Europe for Latin American products. Our exports to Argentina increased 4 per cent, to Paraguay 40 per cent and to Uruguay 21 per cent. Other outstanding increases were to Brazil, Colombia, Venezuela, and Mexico.

Lower sugar prices account for the slight decline in our imports from Cuba.

The balance of trade with Latin America is normally much against the United States. The ratio of excess of imports in 1924-37.4 per cent was, however, decidedly lower than in the two preceding years or than before the war. The balance against us is largely due to the fact that, with its high standard of living, the United States is the world's largest consumer of tropical foodstuffs such as sugar, coffee, cocoa, fruits, and nuts.

Table 36.-Percentage Distribution and Per Cent Change in the Foreign Trade with Latin America by Commercial Regions and Principal Countries

Chart XV.-TRADE OF THE UNITED STATES WITH LATIN AMERICA RELATIVE

TO PRE-WAR AVERAGE

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

MEXICO

Our total trade with Mexico increased over 1923 by approximately 16 per cent, represented by an increase of $15,000,000 in our exports and $27,000,000 in our imports. The former totaled $135,100,000 and the latter $167,100,000. Included in our highly varied shipments to Mexico were heavier consignments of mining machinery and automobiles. Increases in imports were shown particularly in lead ores and bullion, winter vegetables, and some other agricultural products. Of crude petroleum, our most important import, the quantity decreased materially but prices were higher and the value rose from $51,800,000 to $66,600,000. Copper (unrefined) imports fell off one-third in value. The increase in trade is all the more noteworthy in view of the fact that the first quarter of the year witnessed the closing of the most important ports of the country, owing to revolutionary outbreaks, and of the economic damage caused by the revolution.

Chart XVI. TRADE OF THE UNITED STATES WITH MEXICO

The economic recovery of Central America, apparent during 1923, continued throughout 1924 and resulted in increased exports from the United States. Our total exports to Central America were valued at $64,800,000, compared with $56,200,000 in 1923 and $37,600,000 average for 1910-1914. Our imports from Central America remained at the 1923 level, as increased importations of bananas were counterbalanced by large decreases in coffee and sugar. Considering these countries individually, our exports to Costa Rica, Panama, Nicaragua, Salvador, and Guatemala increased over 1923, those to British Honduras remained stationary, and those to Honduras decreased about $2,000,000. Our imports from British Honduras remained unchanged, while imports showed slight increases in the case of Costa Rica, Honduras, Nicaragua, and Panama, and declined from Salvador and Guatemala.