Import Commodities,

Lower prices of Philippine commodities were largely responsible for a decline of 25 percent in the value of imports into the United States from these islands in 1938. The total of $94.244.000 was the lowest since 1964.

With sugar trade regulated by quotas, the volume of shipments to the United States market was substantially the same as in 1957, but the value declined from $39.200,000 to $50,200,000. Total imports of coconut products, valued at $24.830.000, declined 43 percent from the previous year. The quantity of both copra and coconut oll was considerably larger, but receipts of desiccated coconut and of expra meal were lower in both volume and value.

Production and export of Philippine abaca Manila Eber fell off sharply in 1958. Imports into the United States were only slightly over half the amount brought in in 1937, and the value showed a corresponding decline.

The products of two Philippine industries-canned pineapples and clecmargarine—established comparatively recently, were imported into the United States in somewhat smaller volume than in 1967. althengh still considerably above any previous year's shipments. Greater prediction of base metals was reflected in increased shipments to the United States market of chrome ore and copper concentrates.

Gold imports, which are not included in table 45 also advanced to reach a record high of $27.882.000, compared with $25.428.000 in 1937. Each year since 1933, when they amounted to $4.623.000, United States imports of goid from the Philippines have steadily increased.

Table 45.-Principal Commodes in Trade of the United States With the Philippine Islands

Note. -Data for individusi expert tems reine mir Tited States maturs genersi imporis” in 1929 and 232 and “imports for consumption” in 1957 and 138

Import commodities are

Table 45.-Principal Commodities in Trade of the United States With the Philippine Islands-Continued

Manila fiber.

Cotton laces, embroideries, etc.

929

232

174

367

Cordage of manila hemp and other fiber

Hats, bonnets, hoods of straw, etc

Cabinet woods in the log and sawed

71, 327 25, 552 42, 696 6,937 4,942 6, 124 810 399 543 1,000 bd. ft. 40, 368 7, 203 37, 506 22,991 Chrome ore or chromite (content)--- tons 20, 688 38, 221 Copper concentrates, regulus, unrefined

tons.

26, 806

3,083

1,000 lb..

3,714

thousands..

371

! Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years.

2 Less than 500.

AUSTRALIA

United States exports to Australia, which had shown a large increase in 1937, declined moderately in 1938; whereas the even more exceptional value of 1937 merchandise imports from Australia was

years from the

Not store the mid

den pros are much higher had the raise of total

Inclusion of imports of gold with merchandise trade, however, alters the figures very considerably. Whereas merchandise imports from Australia amounted to less than $9,000,000 in 1938, imports of gold were $39,162,000, as compared with $34,713,000 in 1937. This gold represents the output of an important extractive industry, and thus partakes of the nature of merchandise trade. Gold production of Australia has increased very markedly in recent years of high prices, having doubled in the past five or six years. Including gold and a relatively small amount of silver, total imports from Australia in 1938 were $48,206,000, or 39 percent less than the figure of $78,542,000 in 1937. United States exports to Australia aggregated $73,517,000 in 1937 and $68,992,000 in 1938.

Table 46.—Principal Commodities in Trade of the United States With Australia NOTE. Data for individual export items include only United States products. Import commodities are "general imports" in 1929 and 1932, and “imports for consumption" in 1937 and 1938.

Table 46.-Principal Commodities in Trade of the United States With Australia

Continued

1 Less than 500.

2 Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years. 3 Household refrigerators only.

4 Not shown separately.

5 Chiefly Australian laurel and walnut or Queensland walnut.

The year 1938 was a relatively prosperous period for Australia. Although the peak in business activity was probably reached in the early part of the year, the advance was held generally in the later months. This situation and the fact that the Australian Government modified its import licenses and system of quotas late in 1937 account for the high volume of exports of many United States commodities in 1938. Exports of household refrigerators, metalworking machinery, printing machinery, and textiles—all of which were subject to import license or quota throughout most of 1937-increased in 1938. Leaf tobacco, gasoline, and chemical products showed little variation in 1938 in comparison with the relatively large totals in 1937. The principal United States exports to Australia which decreased in quantity during 1938 as compared with 1937 include passenger automobiles, motor trucks and busses, tractors, and lubricating oil.

NEW ZEALAND

The commodities in the trade of the United States with New Zealand are similar to those exchanged with Australia, and in recent years the trade movements have followed similar patterns. Exports to New Zealand advanced to the relatively high value of $23,881,000