1938 were much smaller than in 1937. In this group, also, exports of automobiles, including parts and accessories, decreased to $6,523,000– or by 61 percent as compared with the 1937 valuation. The next most important group of exports-metals and manufac tures-fell off nearly one-half, from $18,892,000 in 1937 to $9,605,000 in 1938. There were marked reductions in practically all exports of metal manufactures, including tubular products and other iron and steel items, which comprise the major part of the total in this category. The value of exports of wood and paper decreased nearly one-half, of textile fibers and manufactures, nearly one-third, and of nonmetallic mineral products and chemical products, about one-fifth. Exports of vegetable food products to Mexico increased from $3,060,000 in 1937 to $5,226,000 in 1938. The Mexican grain harvests were short in 1937; hence grain exports became an important item in the trade during the autumn of 1937 and they showed a marked increase in 1938. Shipments from the United States in the year totaled 2,894,000 bushels of wheat and 991,000 bushels of corn. The Mexican Foodstuffs Marketing Regulating Committee negotiated these grain purchases. This committee has authority to control prices and subsidize the importation of certain articles of necessity under the decree which initiated the Mexican export tax. Among other food products, lard exports, which increased considerably in 1937 over the low figure of 1936, showed a further moderate increase in quantity in 1938. Since prices declined, however, the value of this item was somewhat lower in 1938 than in 1937. Import Commodities. The value of imports from Mexico decreased 18 percent in 1938-a smaller reduction than in total import trade. Some commodities (including copper, chicle, sisal, and crude petroleum), which rank among the first eight leading imports of Mexican origin, showed, however, decreases in value that ranged from approximately 30 percent to 40 percent. There were also large relative decreases in United States purchases of zinc, antimony, petroleum derivatives, fresh vegetables, goat and kid skins, and numerous minor items. Imports of a number of leading commodities in the trade were larger in value in 1938 than in 1937. Bananas, the leading import from Mexico in 1938, increased about 10 percent in value, although shipments dropped off slightly. The values of coffee, cattle, and raw cotton, also among the first eight imports, increased 8 percent, 38 percent, and 55 percent, respectively. Imports of cotton in 1938 were the largest in quantity since 1929. Imports of cattle from Mexico increased from 165,000 head in 1936 and 199,000 head in 1937 to 286,000 head in 1938. Of the 1938 total, approximately 82 percent were full-duty non-quota cattle, while 18 percent participated in the low-duty import quota. General and specific factors affecting import trade with Mexico in 1938 were numerous. Notable among these were the recession in business activity in the United States, the improvement in the domestic crop situation, and, especially with reference to the increase in cattle imports, improved grazing conditions in northern Mexico and the sustained demand for feeder stock in the United States. The possible favorable influence on Mexican exports of the depreciation in 1938 also, en 0 $6.523 and ma to $9,60 all expr her iron this cate one-ha nonme eased in harr ant iter the exchange value of the peso was partially offset during the latter months of the year by the export taxes which were imposed. Gold and Silver. As is frequently the case in trade with Mexico, United States imports of gold and silver in 1938 exceeded the value of merchandise imports from that country. Net gold imports were valued at $36,472,000, as against $38,482,000 in 1937. Net silver imports were valued at $41,715,000, as compared with $30,203,000 in 1937. Table 10.-Principal Commodities in Trade of the United States With Mexico 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. ed incre ar tota e Mexi lese gr and s Lard, including neutral.... be der Eggs in shell. Dairy products.. Leather and leather manufactures. Wheat flour. Vegetables and preparations. Fruits and preparations.. 1, 942 -1,000 bbl.. 122 117 124 22 Rubber and manufactures.. 4 774 Automobile tires (casings). number 160, 074 62, 868 28, 339 17, 747 1, 402 Rubber belting and hose. -1,000 lb.. 1,226 490 938-1 Coconut oil, crude. do... 597 1,089 oditie Cotton manufactures, including yarns, etc... 3,906 180 699 633 733 Railroad ties. Owed 32 es Advanced manufactures of wood. Box shooks. 1,000 bd. ft.. 850 ives 136 Furniture of wood.. Paper and manufactures. Greaseproof, waterproof, and wrapping 1, 451 --1,000 lb.. Paper board. 585 415 .do... 551 Tom Petroleum and products.. hip aw 38 Gasoline and other motor fuel 1 4,081 321 3, 769 1,000 bbl.. Gas oil and fuel oil. Lubricating oil 1 do... Paraffin wax. 1,000 lb. 24, 910 4, 969 13, 269 1,683 1, 110 Glass and glass products.. 580 214 ere Bricks and tiles. 9,837 Iron and steel scrap.. 62 to Iron and steel sheets, galvanized 1,000 lb. 26, 182 t Steel sheets, black. do.. 7,297 4,308 50, 627 22, 892 e Tin plate, terneplate, taggers' tin..do.. 1, 185 Structural iron and steel. 972 do. 26, 769 5, 888 15, 124 8,873 1, 304 Advanced manufactures of iron and steel. 5, 125 Cutlery 427 Tools. Lead pigs, bars, etc... Copper ore, concentrates, matte, etc. Insulated copper wire and cable.......do.. Electrical machinery and apparatus.. Radio apparatus... See footnotes at end of table. 1,000 lb.. ..do.. 150 26 16, 245 22, 806 Table 10.-Principal Commodities in Trade of the United States With Mexico 1 Figures for 1929 and 1932 have not been adjusted for minor transfers in classifications of later years. 2 Less than 500. 3 Household refrigerators only. Not shown separately.. With Me ARGENTINA The decline of 71 percent in imports from Argentina during 1938 resulted largely from changes in the crop situation and in the volume of industrial activity in the United States. During 1937, owing to the preceding year's drought in this country and the expansion in domestic business, heavy purchases were made of Argentine cereals, linseed, wool, and hides, with the result that the value of imports from Argentina in that year, amounting to $138,940,000, was the highest figure since 1920. In 1938, however, abundant crops in the United States, together with the economic recession, obviated the need for such large purchases of Argentine primary products, and there was a sharp slump in imports from the fall of 1937 through the middle of 1938. Lower prices, particularly of hides and wool, contributed to the decrease in import values. MILLIONS OF DOLLARS (Logarithmic Scale) ୨୦୦୮ 1 | 1901-1905 | 1906-1910 | 1911-1915 | 1916-1920 | 1921-1925 | 1926-1930 1931-1935 | 1936-1940 Figure 8.-Trade of the United States With Argentina. D.0.9139 In the imports from Argentina, which consist primarily of crude materials and foodstuffs, the items of flaxseed, raw wool, hides and skins, canned beef, and quebracho extract, ranked in 1938 in the order given. These five imports comprised approximately 85 percent of the trade; whereas these, together with corn and feeds (which were negligible in 1938), were approximately 90 percent of the total in 1937. United States exports to Argentina decreased only 8 percent in 1938, notwithstanding economic conditions in Argentina were less favorable than in 1937 and the exchange control operations continued to hamper the importation of American merchandise. In contrast with 1937, Argentina experienced a partial failure of wheat and corn crops, sharply reduced exports from the 1937 record total, and lower world prices, all of which tended to create a year of gradually declining prosperity for the Republic. The depressing effect of the developments in 1938 on economic activity was modified, however, by the ample supplies of foreign exchange carried over from the large sales of Argentine products in world markets in 1937. The investment of these sums in new and replacement machinery, vehicles, and specialties brought the value of United States exports to Argentina to $86,793,000, as compared with $94,183,000 in 1937. Among United States commodities exported to Argentina in 1938, machinery and vehicles comprised, as usual, a large proportion of the total. Exports in this category, valued at $59,140,000 in 1938, or only fractionally less than in 1937, represented more than two-thirds of total exports to Argentina. Exports of aircraft were 40 percent larger and those of agricultural machinery and tractors 25 percent larger than in 1937, while sales of automobiles and parts declined only moderately, from $25,420,000 in 1937 to $24,635,000 in 1938. The decrease in sales of automobiles to Argentina, together with decreases in shipments of radio apparatus, well and refinery machinery, and typewriters, brought the total for the entire group to a slightly lower value for the year. The principal commodities outside the machinery items exported in smaller quantity and value during 1938 were lumber, cooperage, tinplate and other metal products. There were reductions also in a wide range of less important items, including rice and potatoes. Shipments of United States potatoes to Argentina reached unusual proportions during 1937 as a result of a short potato crop in that country; but with the return to normal production in 1938, exports of potatoes slumped sharply. Table 11.-Principal Commodities in Trade of the United States With Argentina 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. |