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1937 and remained low in 1938, as a result of demand conditions and the modification made by the Brazilian Government in the control of coffee exports, which involved a reduction in the export tax.

Trade with Argentina experienced unusually wide fluctuations during the past 2 years. In 1937, the total had risen to a record value (except for the war years, when prices were much higher) as a result of large imports of corn induced by the short domestic crop and unusually large imports of wool and hides. In 1938, corn was again unimportant in the trade, and imports of flaxseed, wool, and hides were much reduced. Imports from Chile were off 40 percent in value, principally as a result of smaller imports of copper at lower prices than in 1937.

Northern North America.-Over half of our imports from Northern North America in 1938 consisted of paper, paper materials, and wood products, a larger proportion than in other recent years. While our imports of these products decreased along with those of many other products, the changes in their value were modified as a result of the advanced prices in 1938. In several of the years immediately preceding, grain, feeds, meats, and cattle made up an unusually large proportion of our imports from Canada; but as our large crops of 1937 became available, these imports dropped off. Moreover, imports of nickel, abrasives, and asbestos, which fluctuate with the changes in industrial activity in the United States, were approximately 40 to 50 percent smaller in quantity in 1938 than in 1937.

Asia.-Marked reductions in our purchases of rubber and tin, the low prices of these crude materials, and the smaller amounts of goods purchased in Japan and China were the principal causes of the marked decline in the value of imports from Asia. The value of the trade with British Malaya and Netherlands Indies, which supply the major part of the rubber and tin, was down 54 percent and 40 percent, respectively. The value of imports from China decreased 55 percent, the flow of trade having been hampered by the disturbed conditions in that country; though the slack demand in the United States for imports contributed to the reduction.

The value of imports from Japan decreased 38 percent, primarily because Japanese manufactured goods were imported in much reduced quantities. The change in these products reflected, in part, developments in Japan, and in part the slack demand for these imports in the United States during 1938. Under the planned economy in force in Japan, production costs have increased; commodity prices are higher than in 1937, and the output of many industries producing goods for export, has fallen off materially as resources have been diverted to heavy industries. After having increased from 10 percent of the total imports from Japan in 1932 to 29 percent in 1936, the manufactured goods dropped to 26 percent of the total in 1937 and to 20 percent in 1938.

Raw silk represented 63 percent of the imports from Japan in 1938, the highest proportion for any year since 1933. Nevertheless, the value of imports of Japanese silk in 1938 was 9 percent lower than in 1933, and only one-fourth as much as in 1929, when silk prices were high. The quantity of our silk imports from Japan was one-fourth smaller in 1938 than in 1929; while the price averaged $1.63 per pound, compared with $5.11 per pound in the earlier year.

Oceania Australia furnishes large quantities of wool to United States markets; and the decrease in our imports of wool in 1938 was relatively larger than in almost any other commodity with the exception of the grains. While our imports of hides and skins, undressed furs, and sausage casings from Australia were also smaller than in 1937, it is the reduction in wool and the decline in wool prices which explain the decrease of 80 percent in the value of imports from Australia. New Zealand's products are similar to those of Australia, and the decrease in our imports from New Zealand was also large.

Africa. Imports of merchandise from Africa represented as usual a relatively small part of our total imports; they were 3 percent of the total in 1937 and 2.8 percent in 1938. The import figures in 1938 include a much larger value of rough diamonds from British South Africa than in other recent years; these totaled more than $7,000,000. Previously rough as well as cut diamonds were largely accredited, in United States statistics, to the European country of intermediate shipment. Total imports from Africa, however, did not show an increase; for cocoa receipts from West Africa were smaller in 1938 than in 1937, and cocoa prices were much lower; moreover, corn imports from British South Africa-a substantial item in the 1937 trade-were negligible in 1938.

The statistics of direct merchandise imports (particularly from British South Africa) in this report are to be considered, however, as understating the trade; since two principal products are imported indirectly in large measure. Gold originating in South Africa is imported into the United States mostly through Great Britain, while cut diamonds are imported through Brussels and Amsterdam, the large cutting centers.

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1 Based on index numbers of United States merchandise in table 12. 2 General imports.

Based on index numbers (table 13) of general imports through 1933 and imports for consumption, thereafter.

4 No change.

Table 4.-Exports, Imports, Percent Change, and Balance of Trade, by Quarters [Value in millions of dollars. Exports include reexports; import figures are for general imports]

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Table 1.-Merchandise Exports, Imports, and Balance of Trade, 1891-1938 [Values in millions of dollars. Data cover years ended June 30 through 1915; thereafter, calendar years]

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Table 2.-Exports and Imports of Gold and Silver and Balance of Trade, 1891-1938

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1 Based on total exports and general imports.

-1,063

Data are for calendar year, except imports for consumption, which are for the year ended June 30, 1913. * Period July 1, 1915, to Dec. 31, 1920.

-1, 117
-1, 586
-1, 974

183

-171

-1, 254

12

92

-80

-1,400

231

-223

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