FOREIGN TRADE OF THE UNITED STATES CALENDAR YEAR 1938 PART II.-TRADE BY REGIONS AND COUNTRIES INTRODUCTION United States foreign trade with each great trade region declined in value in 1938, as compared with 1937, but there was a greater reduction in imports than in exports. Relatively small purchases of foreign crude materials and of competitive farm products in 1938 in comparison with the large imports of 1937, together with lower prices, Figure 1.-Percentage distribution of exports and imports, by trade regions. OCEANIA & AFRICA D.D. 39-182 contributed to decreases of approximately two-fifths in the value of imports from South America, Asia, and Africa and of nearly threefourths in imports from Oceania. Imports from North America declined approximately one-fourth and those from Europe approximately one-third. The declines in 1938 followed 5 years of expansion in imports, during which period the trade with each continent except Europe had more than doubled in value. Our export trade in 1938 featured comparatively small reductions in the values of total shipments to Europe, South America, and the Far East, but somewhat larger reductions in shipments to North America and Africa. Supported by large amounts of grain and manufactured articles, the value of total exports to Europe remained very near the level in 1937; while shipments of finished manufactures to Asia were larger and those to South America only slightly lower than in 1937. Exports to North America and to Africa, which consist mainly of manufactured articles, showed somewhat larger decreases than the trade with the other continents. As compared with corresponding half years in 1937, imports from each continent experienced a sharper decrease in the first half of 1938 than in the second half year. The sharp rise in business activity in the United States caused imports to move up from the low midyear levels, though the monthly figure at the close of the year continued somewhat under the total recorded in the corresponding month of 1937. Conversely, however, exports to each continent compared less favorably with 1937 values in the second half than in the first half of 1938. Some of the special factors, such as the large foreign demand for our grain, iron and steel, automobiles and other manufactured articles, which were important sustaining factors in United States export trade during the first half of the year, gave way to economic influences which tended to curtail the movement of goods to foreign countries, especially of grain and cotton to Europe, cotton to Japan, and manufactured articles to Latin America and Africa. With the exports for the year holding at relatively high levels for each continent, however, and with imports greatly lower than in 1937, the merchandise export balances in the trade with Europe, North America, Oceania, and Africa, were unusually large in 1938. Instead of the usual import balance in the trade with South America, there was an export balance in 1938, and the import balance in the trade with Asia was less than one-seventh as large as in 1937. The most important of the many factors responsible for changes in the foreign trade of the United States in 1938 have been discussed in Part I of this bulletin. Mention is made therein also of some of the special factors which were responsible for shifts in the trade with particular regions and countries. Table 1.-Foreign Trade, by Continents and by Trade Regions NOTE.-Exports include reexports of foreign goods. Data for 1910-14 cover years ended June 30; all other are for calendar years. The Philippine Islands are included in Asia for all years; Turkey in Europe is included in Asia beginning with 1926; the Union of Soviet Socialist Republics in Asia is includ d in Europe beginning with 1924. Figures for the Virgin Islands are included in Southern North America prior to 1935 and are excluded thereafter. The adjusted figures for the period 1921-31, 1937, and 1938, at the bottom of the table, are obtained by deducting from Northern North America and adding to Europe the total value of the reported exports of grain to Canada; at least 95 percent of this grain was reshipped from Canada to Europe. In all other years shown in this table, United States grain was shipped in relatively small quantities through Canada (most y via Montreal) to other countries. 1910-14. 1913. 1921-25. 1926-30 1931-35. 2,166 320 14.8 181] 8.4 121 5.6 1,350 62.3 121 5.6 48 2.2 25 1.1 2, 484 409 16.5 192 54 2.2 29 1.2 141 3.2 70 1.6 177 3.7 110 2.3 49 2.4 62 3.1 5.9 1,500 60.4 154 6.2 499 11.3 573 12.0 350 17.3 To Northern North America: 2 555 766 691 781 841 912 656 3941 506 427 12.6 16.0 14.4 15.0 16.4 17.4 17.1 16.2 15.1 13.8 2,391 2,300 2,365 2,425 2,459 2,394 1,857 1,197 1,873 1.875 54.4 48.1 49.21 49.8 48.0 45.7 48.3 49.4 41.0 44.4 2 Exclusive of grain exports to Canada. 3 Including grain exported via Canada. 190841-40--2 |