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Table 17.-Principal Commodities in Trade of the United States With Venezuela

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1 Not shown separately.

? Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years. 3 Less than 500.

EUROPE

In United States trade with Europe in 1938, the percentage decline in exports was slight as compared with 1937, while the import decrease was nearly as great as that in our trade with the world. If the export figure is adjusted to include grain shipments to Canada which were actually destined for Europe, the export total was slightly larger in 1938 than in 1937. Reported total exports to Europe were $1,326,000,000 in 1938 and the total including the grain shipped via Canada was $1,375,000,000, as compared with respective figures of $1,360,000,000 and $1,373,000,000 in 1937. General imports from Europe decreased 33 percent-from $843,000,000 in 1937 to $567,000,000 in 1938. (See tables 18 and 1.)

Many factors influenced the movement of exports to Europe in 1938. Among those which operated to expand the trade were the large grain

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1901-1905 1906-1910 1911-1915 1916-1920 1921-1925 1926-1930 1931-1935 1936-19401 Figure 13.-Trade of the United States With Europe.

crop in the United States in 1937 when yields were low in other exporting countries, the relatively high rate of business activity that prevailed in Europe, and the armament programs of a number of the leading countries of Europe. While it cannot be claimed that these factors were entirely responsible for the high volume of United States exports to Europe in 1938, they were major influences. Numerous other factors, such as crop yields in the various countries of Europe, the stocks of merchandise carried over from 1937, and the relatively high price of United States cotton aided in either sustaining or retarding the European purchases of United States merchandise in 1938. The civil war in Spain, the policy of balancing imports against exports in extensive use among the countries of central Europe, the devaluation of the French franc, and the weakness of sterling late in the year were factors which tended to restrict United States exports to Europe.

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Because exports of foodstuffs and manufactured articles each increased in 1938, Europe's participation in the total export trade of the United States rose from 40 percent in 1937 to over 44 percent in 1938. Exports of crude foodstuff increased from a value of $57,900,000 in 1937 to $166,200,000 in 1938, the latter figure being the largest recorded for any year since 1927; exports of manufactured foodstuff increased from $99,200,000 to $107,800,000; and exports of finished manufactures were $451,000,000 and $461,700,000 in the two years, respectively. The United Kingdom and the countries of northwestern and central Europe were the largest purchasers of United States foodstuffs in 1938, and the United Kingdom and the Soviet Union ranked first and second among the European markets for United States manufactures.

Table 18.-Trade With Europe, by Commercial Regions and by Countries NOTE.-Millions of dollars. For figures adjusted to include grain shipments to Europe through Canada see table 1.

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! Turkey in Europe is included with Turkey in Asia.

? Trade with Austria beginning May 6, 1938. and that with the Sudeten area, as far as ascertainable, beginning November 10, 1938, are included with the statistics for Germany.

3 See note on table 19.

4 U. S. S. R. in Asia included with U. S. S. R. in Europe in all years shown.

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The various countries of Europe purchased unusually small amounts of United States cotton in the latter half of 1938. As a consequence, the total value of United States exports of crude materials to Europe, which are comprised mainly of cotton and tobacco, declined from a value of $441,700,000 in 1937 to $346,800,000 in 1938. Exports of tobacco to Europe in 1938 were slightly larger in quantity and in value than in 1937. Semimanufactured exports, which include metals and certain petroleum products, totaled $288,100,000 and $228,900,000 in the two years, respectively. Iron and steel scrap and exports of steel-mill products, though large in 1938, were considerably under the high 1937 figures.

On the import side, the marked recession in business activity in the first half of 1938, the improved yields of United States crops, and lower prices were the major influences in the low level of trade with Europe in 1938. Imports of crude materials and semimanufactures showed a greater percentage decrease than imports of finished manu factures; and, among the foodstuffs, imports of grain, barley malt, and vegetable oils dropped sharply, while alcoholic beverages, cheese, and pork products declined only moderately.

Table 19.-Percentage Distribution and Changes in Trade With Principal European Countries

NOTE. For adjusted totals for Europe as a whole, see table 1.

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1 Percentages are not shown, since in this period large quantities of United States cotton reaching this country were accredited in our statistics to other countries.

2 For purpose of comparison, trade with Austria is included with that for Germany in all years shown in this table.

AUSTRIA

Beginning May 6, 1938, United States trade with Austria is included with the statistics for Germany. The extent of the United States trade with Austria has never been fully shown, however, by the United States statistics, for these have always indicated a relatively

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Con small trade with Austria. In 1937, the latest complete year for which als to data are available, direct exports of United States goods, including eclined reexports, amounted to $3,086,000, while imports (for consumption) E were $5,557,000. In the period from January to May 6, 1938, the respective export and import totals were $746,000 and $1,308,000. Austria has always purchased a substantial amount of United States and cotton, which passed through the free ports of Hamburg and Bremen and was largely credited to Germany.

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The principal imports into the United States from Austria in 1937 were: Textile manufactures valued at $1,508,000, of which cotton manufactures represented 39 percent, wool manufactures 31 percent, and silk manufactures 21 percent; nonmetallic minerals valued at $1,146,000, with precious stones and imitations making up 49 percent of this sum and magnesite 31 percent; animal products valued at $1,151,000, in which cheese, leather, and leather manufactures, and undressed furs were the leading items; wood and paper, $463,000; metals and manufactures, $474,000; and all other articles, $815,000.

BALTIC STATES

The aggregate value of United States general imports in 1938 from the three Baltic States-Estonia, Latvia, and Lithuania was slightly smaller than that in 1937. Imports from Latvia declined from $767,000 to $558,000, as a result primarily of smaller receipts of butter and clover seed, and those from Lithuania decreased from $1,172,000 to $922,000, owing to smaller imports of butter and wood pulp. Mainly as a result of larger shipments of wood pulp, total imports from Estonia valued at $1,244,000 in 1938 were about $307,000 above the total of $937,000 in 1937.

Import Trade.

Principal commodity imports in 1938 from these countries were as follows:

From Estonia.-Hams, bacon, and other salt pork, 680,000 pounds valued at $151,000 (483,000 pounds, $116,000 in 1937); and sulphite wood pulp, 26,104 tons at $928,000 (17,607 tons, $599,000 in 1937).

From Latvia.-Butter, 33,600 pounds at $7,000 (1,497,000 pounds, $286,000 in 1937); sardines in oil, 789,000 pounds at $101,000 (804,000 pounds, $105,000 in 1937); clover seed, 124,000 pounds at $20,000 (1,056,000 pounds, $127,000 in 1937); and 3,869 tons of sulphite wood pulp at $151,000 (1,959 tons, $78,000 in 1937).

From Lithuania.-Fresh and frozen pork, 1,670,000 pounds at $198,000 (1,670,000 pounds, $218,000 in 1937); butter, 544 pounds at $98 (553,000 pounds, $102,000 in 1937); and sulphite wood pulp, 10,536 tons at $392,000 (19,833 tons, $682,000 in 1937).

Export Trade.

United States statistics of exports to the Baltic States greatly understate the amount of American merchandise which ultimately enters these three markets, since the goods must pass through bordering countries to which they are often accredited. For this reason commodity statistics are not shown in this analysis. United States totals may be seen in table 18. According to the official statistics of the respective countries, the value of their imports from the United States in 1938 (converted to United States dollars) was as follows: By Estonia, $1,872,000 ($2,446,000 in 1937); by Latvia, $2,788,000

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