Table 35.-Principal Commodities in Trade of the United States With the United Kingdom-Continued Tin, in bars, blocks, etc. Nickel and alloys, in pigs and other forms Platinum ore, grain, and ingots...troy ounces. 36,325 14,555 104,011 69,227 56 2,399 2 22 6 1,000 lb.. 5.302 34 704 7.363 3. 201 1.940 1 Less than 500. 1 Not shown separately. a Figures for 1929 and 1932 have not been adjusted for minor transfers in the classifications of later 39.384 11,645 24,815 28,018. 695 5.067 176 1.852 524 1.063 2,841, 3.213 (2, (2 955 709 1.545 95 610 655 297 252 3.417 488 981 8.493 1.894 870 30.196 3.876. 7.598 54.955 16, 284 34, 575 23, 057 4.094 ASIA AND OCEANIA Notwithstanding shipments to Asia were restricted as a result of many factors, including hostilities in China, the strict control of imports by Japan, and the relatively low prices of Asia's leading export products, the value of United States exports to that continent declined only moderately in 1938. Valued at $517,000,000, United States exports to Asia in 1938 were less than 11 percent under the 1937 total and only 10 percent below the average annual value in the period 1926-30. There were sustaining factors in the trade movements, such as Japan's large purchases of metalworking machinery and other goods necessary for the development of that country's heavy industries, the demand in the Philippine Islands for goods which had been obtained in Japan when that country was concentrating on export markets, and a sustained buying power during the early part of 1938 in the countries producing rubber and tin as a result of the high prices and large exports of those products in 1937. In United States exports to Asia an appreciable shift has taken place as between crude materials and manufactured articles, and the former class has registered marked reduction. The statistics by economic classes in table 33 of Part 1 of this bulletin show that crude materials and foodstuffs were 23 and 25 percent, respectively, of exports to Asia in the years 1937 and 1938, whereas they represented 39 percent of our exports to that continent in the period 1926-30 and 47 percent in the period 1931-35. Instead of 53 percent, as in period 1931-35, United States manufactures comprised 75 percent of the exports to Asia in 1938. The value of exports of manufactured articles, including semimanufactures, aggregated $387,000,000, as compared with average annual exports of $352,000,000 in 1926-30 and $185,000,000 in 1931-35. Exports of crude materials and foodstuff's were $128,000,000 in 1938, in comparison with $221,000,000 on an average annual basis in 1926-30 and $164,000,000 in 1931-35. United States imports from Asia in 1938 declined 41 percent (from a value of $967,300,000 in 1937) to $569,500,000. The latter figure represented the lowest annual value recorded for our import trade with this continent since 1934. The slowing down in business activity in the United States and in our consumption of imported raw materials obtained largely from that area was a principal factor in the smaller value of imports from all leading Asiatic countries. For our reduced. imports from China, transportation difficulties, coupled with export restrictions and diversion of trade in some commodities to Japanese trade channels, were in part responsible. From Japan, manufactured goods were imported in much reduced quantities. With all economic classes smaller in value, crude materials constituted 51 percent of our imports from Asia in 1938 as compared with 53 percent in 1937, whereas manufactured articles were 30 percent of the total in 1938 and 32 percent of the total in 1937. Foodstuffs, principally sugar from the Philippine Islands, were 15 percent of the imports from Asia in 1937 and 18 percent in 1938. In United States trade with Oceania, the decline in 1938 was moderate for exports and large for imports. A freer movement of certain goods to Australia was made possible by that Government's modification of its import licenses and quotas, and business activity in both Australia and New Zealand continued relatively high throughout the year. Because of the low rate of business activity in the United States, however, and the increase in crop yields, imports from Oceania registered a drastic reduction in comparison with the unusually large imports in 1937. Table 36.-Trade With Asia and Oceania, by Commercial Regions and by Countries 1 Turkey in Europe included with Turkey in Asia, and U. S. S. R. in Asia included with U. S. S. R. in Europe for all years shown. Less than $50,000. Table 37.-Percentage Distribution and Changes in Trade With Asia and Oceania, by Commercial Regions and by Countries Asia (groups 1, 2, and 3). 1. Western Asia Iraq. 12.2 18.1 16.7 29.1 27.4 29.0 -19.2 +76.8 -10.9 -55.5 +57.4. —41. 1 1.5+132.4 +403.4 +16.8 -17.2 +147.9 -21.9 .2+180.1 +1440 -1.3 -50.7 +61.5 -55. 7 (1)+125.6 +89.4 -2.2+2049 +509.9 +138. 2 1-24.9 84.2 +5.5 -56.4+181.4 -53. 4 .2+275.3+7428 +67.1 -625 +17.4 -45.4 .4 1.0 +127.5+758.9 -11.4 +358 +252.9 +6.2 1 4.0 5.2, 5.5 14.3 14.0 18.4 -19.6 +102. 6 -3.6 -42.6 +95.7 -40. T .1 1.2 3.4 2.5 3.0 -35.4 +43.5 -18.3 -60.8 76.4-38.9 .3 5.4 2.6 5.7 -39.5 +254.6 +.253.1+2226-53.8 (1 .7 .4 .8-52.8 +824-220 −49. 6 +176. 4 -21.0 .9 .5 .9 1.9 23 3.5-39.7+252.1 +9.9-16.5 130.5-40. 3 1.6 28 2.8 2.9 6.1 4.8 +1.1 +923 +1.7 -251 +165 -25.2 7.9 12.5. 10.1. 14.0 12.5 9.1 -25.2 +54.7 −16.5 -70.9 +8.2 -44.2 2.4 3.5 11 3.8 20 2.4-720-38.2 -30.1 -716 480.3 -54.5 .4 .6 .7 .3 .3 +8.8 +119.6 +5.0 -71.1 4.9 8.4 .5 9.8 10.1 6.5 -7.5+77.6 -16.9-70. 6« .2 -213-63.5 -5.4-37.9 -5.3-71.4 −110. 5 -76. 3 -6.2-728 -87.4 -80. 1 -1.8 -68.5+203.9 -70.5 1 15.6 20.0 18.6 29.6 27.1 28.4 -29.6 78.6 -11.3 -57.2 55.6-44.3 1 Less than one-tenth of 1 percent. BRITISH INDIA, INCLUDING BURMA United States exports to British India and Burma in 1938 dropped 18 percent below the value in 1937, but remained higher than in each year from 1932 through 1936. The curtailment (which involved a large number of United States commodities) was influenced by the accumulation of stocks from the relatively large 1937 trade and by the continued trend toward larger manufacturing production in British India. The most influential factor in the decline in 1937 was, however, shrinkage in buying power, brought about by the dullness in world markets for British Indian products. Economic prosperity in British India is decidedly dependent upon world prosperity. Among United States exports to British India there were decreases in 1938, from relatively large 1937 totals, in passenger automobiles, motor trucks and busses, automobile parts, raw cotton, lubricating oil, iron and steel products, copper, flashlight batteries, leather. rubber tires, and paper manufactures. Exports of chemical products decreased only moderately in value, the expanding Indian production apparently having had a less marked influence on purchases of these products than on those of leather, rubber tires. and paper manufactures. Exports of wood pulp to British India in 1938 reached the highest figure of record. Exports of rolling-mill and other metal-working machinery were larger than in any previous year except 1935, and leaf-tobacco exports were larger in 1938 than in several preceding years. The textile market of British India continued to be supplied |