=

In exports the decline in 1938 was in part accounted for by smaller shipments of motortrucks (which were unusually large in 1937) and by a reduction in shipments of United States cotton. Portugal obtained a larger proportion of its cotton imports elsewhere in 1938 than in 1937. Owing to below-normal wheat production in Portugal, a considerable amount of wheat was imported by that country in 1938, nearly half of which was supplied by the United States.

The following represent the principal United States exports to Portugal, listed in order of importance in 1938, with 1937 figures in parentheses: Wheat, 1,818,000 bushels, valued at $1,857,000 (none in 1937); petroleum and petroleum products, $1,513,000 ($1,527,000); raw cotton, 27,215 bales at $1,464,000 (41,941 bales, $2,729,000); automobiles, including parts $2,224,000 ($5,758,000), of which motor trucks and busses were 1,496 units at $1,152,000 (5,247 units, $4,540,000); machinery and vehicles other than automobiles, $1,575,000 ($1,793,000); leaf tobacco, 4,728,000 pounds at $863,000 (4,149,000 pounds, $723,000); and tin plate, 1,911,000 pounds at $88,000 (26,483,000 pounds at $1,185,000 in 1937).

Principal imports in 1938 included the following: Unmanufactured cork (including waste and shavings), 89,390,000 pounds valued at $2,016,000 (204,683,000 pounds, $5,507,000 in 1937): sardines in oil, 3.852,000 pounds at $706,000 (4,107,000 pounds, $658,000 in 1937, : olive oil, inedible, 6,613,000 pounds at $379,000 (2,239,000 pounds, $208,000 in 1937); and wines, 123,112 gallons at $314.000 123.767 gallons, $336,000 in 1937). Several principal imports in 1937 were quite small in 1938. These included coffee a colonial product which aggregated 5,796,000 pounds valued at $401,000 in 1997 and 282,000 pounds at $20,000 in 1938; carpet wool, which totaled 1.552000 pounds at $348,000 in 1937, and 272,000 pounds at $43.000 iz 1938: pyrites, 21,725 tons at $109,000 in 1937 and 30 tons at $306 in 1938: ergot, 166,495 pounds at $258,000 in 1937 and 81,288 pounds at $102,000 in 1938; and crude beeswax, 938,000 pounds at $248.000 i 1937 and 69.000 tons at $15,000 in 1938.

SPAIN

Since the outbreak of the civil war in Spain, the export trade of the United States with that country has been restricted to a relatively few commodities, which even in the aggregate, are so i VELDE. Whereas exports to Spain totaled $41,303,000 in 1985 the lust clien dar year preceding the outbreak of the war in July of 1986 ther reached only s6,012.000 in 1987 and $12,260,990 in 1958. The price cipal exports in 1988 included petroleum, procurte, mustortrucks, tir plate, fertilizers, and wheat flour; wale the 1887 trade tueret, prite cipally petroleum products, fertilizer materitis, pig iron, airera (ta wheat.

The import trade has also fallen of sarply, but by a smaler percentage that the export trade. The role of ircpons from SAIL

Compritet

was $20.021.900 & 1985, $18,800,000 in 1987, and belt
Principal imports from Spain in 1938, as in order recent neuts
cluded offres, olive oil. wines, com, and iron pyrites
with 1985, the imports of olives in brine were signer is
smaller in quantity, and wine imports were arger it soti qual

and value. While imports of cork and pyrites increased in 1937, they again dropped off sharply in 1938, and imports of olive oil, almonds, sheepskins, goatskins, and quicksilver in 1938 were only fractionally as large as in 1935.

Figure 23.-Trade of the United States With Spain.

DD 9154

Table 32.-Principal Commodities in Trade of the United States With Spain 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.

82, 121 26, 688 6,012 12, 266

74

206

86

8

73

147

Iron and steel semimanufactures.

Tin plate, terneplate, and taggers' tin

Iron and steel, advanced manufactures.
See footnotes at end of table.

(1)

Table 32.-Principal Commodities in Trade of the United States With Spain-Con.

1 Less than 500.

4 Not shown separately.

Household refrigerators only.

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

SWITZERLAND

United States imports from Switzerland declined relatively less in value in 1938, as compared with 1937, than our total import trade. The 1938 total of $23,037,000 was considerably above the value of our imports from Switzerland in all recent years except 1937.

Though United States purchases of an appreciable number of Swiss products decreased in 1938, the major part of the decline in the total value of imports was attributable to substantially smaller receipts of watches, aluminum, and textiles. Other imports, especially cheese and watch parts, showed increases in 1938. The increase in the quantity of cheese imported, as compared with the quantity in 1937, was nearly one-third; but, since prices were low in 1938, the value of cheese imports increased only one-eighth. first among the import commodities in 1938. Cheese, dyes, and As usual, watches ranked aluminum ranked next in importance in the order named.

Since Switzerland has no seaport, large quantities of United States goods, accredited in our statistics to bordering countries through which they pass, are received in that country indirectly. For this reason the statistics of United States exports to Switzerland, which cover direct shipments only, are not shown in table 33. The total value of these direct exports may be seen in table 18.

Table 33.-Principal Commodities Imported Into the United States From Switzerland

NOTE. Data are "general imports" in 1929 and 1932 and “imports for consumption” in 1937 and 1938.

According to Swiss statistics, which include both direct and indirect shipments, United States merchandise imported during 1938 totaled 125,257,000 francs (or $28,648,000 United States currency), as compared with 126,185,000 francs ($28,944,000) in 1937. In the Swiss statistics, imports of cereals increased substantially in 1938 as a result of the exportable surplus of grain available in the United States at relatively low prices. United States automobiles and metalworking machinery shared in the advance in total Swiss imports. The small decline in the 1938 total, as compared with 1937, was accounted for principally by smaller shipments of raw cotton and copper. Petroleum products constituted 16 percent of Switzerland's total imports from the United States in 1938; automobiles were 11 percent of the total; machinery, 9 percent; gasoline, 7 percent; copper, 7 percent; and raw cotton, 6 percent.

More complete information regarding the official statistics of Switzerland's imports from the United States than is given in the preceding paragraph is available in the World Economic Review, 1938, and in the Foreign Commerce Yearbook, both published by the United States Department of Commerce.

UNION OF SOVIET SOCIALIST REPUBLICS

The increase to $69,691,000 in 1938 (a gain of nearly $17,000,000, or 62 percent over 1937) in United States exports to the Union of Soviet Socialist Republics was the largest absolute expansion recorded

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1901-1905 1906-1910|1911-1915 1916-1920|1921-1925 1926-1930 1931-1935 1936-1940 Figure 24.—Trade of the United States With Union of Soviet Socialist Republics (Imports Negligible 1921-22). for United States exports to any one market in 1938. The exchange of commodities in 1938 was made within the provisions of the commercial agreement in effect between the United States of America and the U. S. S. R. Under the agreement, which was renewed in August for another year, the Soviet Government obligates itself to purchase $40,000,000 worth of United States goods within one year