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1937

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control at the close of 1937. The increased consumption of coffee abroad, however, and a sustained advance in the prices for this commodity during the latter half of the year, together with an influx of new funds for the development of petroleum and gold concessions, contributed to an expanded commercial movement which more than offset the decline of the earlier months. Work on many new public projects was initiated during the year, and others that had been under construction were carried forward to completion. Production and exportation of coffee and petroleum, Colombia's principal export commodities, exceeded during 1938 the record attained during the previous year, and the output of gold, the third product in importance, was raised to a new all-time record.

The effects of the more liberal petroleum law enacted at the close of 1936 became more pronounced during 1938 as new companies

140

2,853

2

T

EXPORTS, INCLUDING REEXPORTS

| 1901-1905 | 1906-1910 | 1911-1915 | 1916-1920| 1921-1925|1926-1930| 1931-1935 | 1936-1940|

Figure 11.-Trade of the United States With Colombia.

D.D.9142

actively developed their holdings. During August two new companies made preparations to start drilling; and the intensification of drilling operations on ground already under development and increased pipe-line construction imparted a noticeable stimulus to business. This development is reflected in the expanded exports of United States well and refinery machinery and of casing and oil-line pipe to Colombia during 1938.

There was a shortage of foreign exchange in Colombia during the first half of the year as a result of decreased returns from coffee exports. However, beginning in July the situation improved; and as the year closed, exchange was readily available.

Notwithstanding the recession in Colombian trade during the opening months of the year, total United States exports to Colombia during 1938, amounting to $40,862,000, increased 4.2 percent in value over 1937 results. This figure, the highest attained since 1929, represents an increase of approximately 90 percent as compared with the total in the last year (1935) prior to the agreement. The increase of exports to Colombia during the past year over the preceding year was almost totally in the classification of finished manufactures.

Automobiles, including parts and accessories, the largest single item in our shipments to that country, amounted to $4,361,000, as compared with exports of this item valued at $4,035,000 to Colombia during 1937. An increase of over $3,000,000 was registered in shipments of well and refinery machinery, casing, and oil-line pipe. Decreases were shown for exports of textile machinery, mining and quarrying machinery, construction machinery, and steel plates and sheets.

United States exports of raw cotton and of cotton yarn to Colombia again increased in 1938, but exports of cotton fabrics decreased. Colombia's textile industry is gradually supplying a larger proportion of the fabrics consumed in Colombia, and the Government is encouraging the industry through the regulation of imports. United States exports of cotton cloth dropped off from 16,659,000 square yards in 1937 to 14,176,000 square yards in 1938, although shipments showed some improvement at the end of the year. Exports of silk hosiery increased in quantity and value in 1938.

The United States took nearly 80 percent of Colombia's total coffee exports, most of the gold output, and the major proportion of the exports of bananas, the second most important agricultural export. While United States imports of Colombian coffee during the first half of 1938 were only slightly larger than in the corresponding period of the previous year, the expansion of purchases during the latter half of 1938 advanced the yearly total above the record established in 1937. The unit value and the total valuation of our coffee imports averaged somewhat lower in 1938 than in 1937. However, the price of Colombian coffee increased during the year from 9.7 cents per pound in April to 11.1 cents per pound in December.

United States imports of platinum continued to decline as Colombian production fell off; Germany took a larger share of the production of this metal in 1939. The bulk of Colombia's petroleum production was shipped to Curacao and Canada for refining.

The United States for some years has been purchasing large quantities of Colombia's output of gold. Imports of gold bullion and bars, which are not included in the merchandise figures shown in table 14, amounted to $10,557,000 in 1938, as compared with $18,397,000 in 1937 and with $11,910,000 in 1936.

Table 14.-Principal Commodities in Trade of the United States With Colombia 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.

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Table 14.-Principal Commodities in Trade of the United States With Colombia—

Continued

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

ECUADOR

As a result of reductions in shipments of various commodities, the value of total exports from the United States to Ecuador dropped 34 percent from $5,052,000 in 1937 to $3,311,000 in 1938. Influenced mainly by the expansion in mineral and petroleum production in Ecuador, United States exports to that country in 1937 reached the highest value since 1929; while in 1938 the trade movement followed the trend in United States trade with the world. various commodities in the trade, only lard and flour showed noteAmong the worthy increases in quantity during 1938. A trade agreement between the United States and Ecuador became effective October 23, 1938.

Principal exports to Ecuador in 1938, with 1937 figures in parentheses, were: Machinery and vehicles valued at $1,185,000 ($1,840,000 in 1937), of which industrial machinery represented $465,000 ($700,000) and automobile parts and accessories $329,000 ($611,000); wheat flour, 104,882 barrels at $428,055 (103,967 barrels, $580,000); metals and manufactures, $403,000 ($637,000); chemicals and related products, $273,000 ($322,000); petroleum and products, $202,000 ($337,000); lard, 948,687 pounds at $88,952 (287,510 pounds, $37,713); and cotton cloth, duck, and tire fabric, 358,320 square yards at $36,130 (2,020,103 square yards, $208,434).

Imports (for consumption) amounting to $2,570,000 decreased 35 percent, as compared with the total of $3,964,000 in 1937, primarily on account of reductions in shipments of cacao, coffee, straw hats, and vegetable ivory. The quantity and value of principal imports in 1938, with 1937 figures in parentheses, were, respectively: Bananas, 1,160,000 bunches valued at $785,000 (1,079,000 bunches, $739,000); cacao, 8,439,000 pounds at $540,000 (12,612,000 pounds, $1,042,000); coffee, 9,033,000 pounds at $426,000 (13,047,000 pounds, $943,000); straw hats, 518,000 units at $310,000 (887,000, $575,000); hardwood lumber, 4,573,000 board feet, at $139,000 (3,357,000 board feet, $102,000); and vegetable ivory, 8,597,000 pounds, $124,000 (11,962,000 pounds, $299,000).

THE GUIANAS

Both the export and the import trade of the United States with the Guianas declined slightly in value in 1938-exports from $2,032,000 in 1937 to $1,911,000 and imports from $3,868,000 to $3,658,000. The drop in exports to British Guiana from $1,061,000 to $1,025,000 and to French Guiana from $282,000 to $119,000 was not entirely offset by the increase in exports to Surinam (Netherlands Guiana) from $689,000 to $767,000. Imports (for consumption) from Surinam also increased from $3,035,000 in 1937 to $3,055,020 in 1938-but imports from British Guiana declined from $748,000 to $567,000 and those from French Guiana were down from $85,000 to $36,000.

Shipments from the United States to each of the Guianas consist, for the most part, of numerous manufactured articles, among which wheat flour to Surinam leads in importance. This item aggregated 29,810 barrels valued at $139,713 in 1938, as compared with 24,417 barrels at $143,440 in 1937. The respective values of principal groups of exports to the area in 1938 were: Machinery and vehicles, $509,000

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($659,000 in 1937); vegetable food products, $276,000 ($367,000 in 1937); chemicals and related products, $205,000 ($213,000 in 1937); nonmetallic minerals (mainly petroleum products) $179,000 ($149,000 in 1937); metals and manufactures, $166,000 ($145,000 in 1937); and wood and paper, $139,000 ($139,000 in 1937).

Imports of crude bauxite from British and Netherlands Guiana decreased to 446,800 tons valued at $3,481,000 in 1938 from 481,373 tons valued at $3,499,000 in 1937.

PARAGUAY

United States exports to Paraguay decreased from $743,000 in 1937 to $644,000 in 1938. There were declines in all principal commodity exports—namely, automobiles, including parts and accessories, from $218,000 to $152,000; machinery and electrical apparatus, from $196,000 to $193,000; and metals and manufactures, from $133,000 to $56,000. Exports of all other articles, as a group, increased from $196,000 to $243,000.

The increase in the value of imports (for consumption) from Paraguay from $1,089,000 in 1937 to $1,277,000 in 1938 is mainly accounted for by larger shipments of meats. Imports of meats (principally canned beef) amounted to 4,271,000 pounds valued at $413,000 in 1938, as compared with 2,100,000 pounds at $180,000 in 1937. Imports of petit-grain oil were 86,805 pounds at $64,764 and 64,879 pounds at $52,117 in the two years, respectively. Imports of quebracho extract decreased from 26,061,000 pounds valued at $841,000 in 1937 to 22,247,000 pounds at $731,000 in 1938.

Because Paraguay has no seaport, a considerable amount of United States merchandise is imported into that country indirectly; and, similarly, the United States receives Paraguayan goods indirectly. For this reason, the United States statistics neither of exports nor of imports, quoted above, are to be considered entirely complete-even though our import statistics credit goods to the "country of origin," as far as ascertainable, since January 1, 1937.

PERU

The decline of 11 percent in United States exports to Peru in 1938 from the higher figure attained in 1937 is largely accounted for by smaller shipments of wheat, railroad ties, iron and steel, aircraft, passenger automobiles, and motortrucks. The largest percentage decline was in wheat, as the large domestic crop and Peru's small yield led to unusually large exports in 1937. Among the other exports in table 15, construction and conveying machinery, dynamite, and well and refinery machinery showed increases in 1938; while the figures for various other items, including mining and quarrying machinery, varied only slightly in value as between 1937 and 1938.

The high figures for machinery and certain other exports during 1938 are attributable to the activity in the petroleum and mining industries in Peru and to the heavy expenditures of the Peruvian Government for public works. The economic situation in Peru, particularly with regard to agriculture, was generally less favorable in 1938 than in 1937, owing to the lower level of world prices for agricultural products.