Table 20.-Principal Commodities in Trade of the United States With Belgium Fabrics. Binding twine.. 1,000 lb.. do. 1,000 lb.. See footnotes at end of table. Woven fabrics of jute, n. e. s... Manufactures of flax, hemp, and ramie. Wool noils, rags, flocks, mungo, and wastes Rags and other paper stock-do 54, 641 12, 268 19, 560 8,573 1,065 3, 005 2,801| 2,771 78 527 3,201 2,060 5,867 ..do.. 3, 193 414 168 467 218 456 401 tons.. 110 206 4,668 2,617 4, 434 2,469 645 4,151 7,277 31 299 439 Table 20.—Principal Commodities in Trade of the United States With Belgium Figures for 1929 and 1932 have not been adjusted for minor transfers in the classifications of later years. CZECHO-SLOVAKIA Beginning November 10, 1938, United States trade with the Sudeten area, as far as ascertainable, is included in the statistics for Germany. Trade with the other Czecho-Slovak Provinces occupied by Germany, Hungary, and Poland is included in statistics of United States trade with these respective countries since March 18 or 19, 1939. Statistics of imports into the United States in 1938 from Czecho-Slovakia, exclusive of the Sudeten trade after November 10, are shown in table 21. The principal United States imports from Czecho-Slovakia in 1938, as in other recent years, were textile manufactures. Leather footwear, leather gloves, glass products, beads and beaded articles, hops, wood pulp, and precious stones and imitations continued to rank next in importance among other import commodities. Principal commodities in the United States direct exports to CzechoSlovakia in 1938 included 219,801 bales of raw cotton valued at $12,021,000 (42,426 bales, $2,667,000 in 1937); machinery and vehicles at $2,604,000 ($3,316,000 in 1937); refined copper ingots and bars, 66,828,000 pounds at $6,464,000 (13,344,000 pounds, $1,446,000 in 1937); dried and evaporated fruit, 10,895,000 pounds at $432,000 (5,128,000 pounds, $258,000 in 1937); lubricating oil, 36,970 barrels at $475,000 (36,763 barrels, $465,000 in 1937); and lard, 5,303,000 pounds at $494,000 (1,626,000 pounds, $169,000 in 1937). However, because United States trade with Czecho-Slovakia must pass through bordering countries and is often credited to them, the official statistics of exports to that country have always understated the actual trade. While direct exports from the United States totaled only $13,233,000 in 1937 and $26,526,000 in 1938, imports from the United States, according to Czecho-Slovak statistics (converted to United States dollars), were valued at $39,078,000 in 1937. The latter statistics, which include merchandise received indirectly, are not available for the year 1938. Information relative to the CzechoSlovak statistics and to the general economic situation in that country, is available in the Foreign Commerce Yearbook, published by the United States Department of Commerce. Table 21.-Principal Commodities Imported Into the United States NOTE.-Import commodities are "general imports" in 1929 and 1932 and "imports for consumption" in 1937 and 1938. Table 21.-Principal Commodities Imported Into the United States 1,042 193 378 481 Magnesite, dead burned and grain..1,000 lb. 25, 039 4, 786 17,880 6, 471 Jewelry. Snap fasteners, clasps, etc., and parts. (1) Beads and beaded articles.. Buttons. Band and orchestra instruments. 589 207 Pencils, crayons, etc.. 281 Ton of 2,240 pounds in 1929 and 1932; ton of 2,000 pounds, air-dry weight, in 1937 and 1938. FRANCE In terms of dollars, there was a decrease of trade in both directions between the United States and France in 1938 as compared with 1937. Exports to France dropped from $164,528,000 in 1937 to $133,872,000 in 1938, and imports fell from $75,609,000 in 1937 to $54,009,000 in 1938. The export total was higher than the 1936 figure, but imports were smaller than in 1936. In terms of French francs, trade both ways increased from 1937 to 1938 owing to the decline in the exchange value of the franc from an average of 4 cents in 1937 to 2.8 cents in 1938. A decline in a country's currency tends normally to reduce its imports (as they become more expensive) and to expand exports-for which fewer units of unaltered foreign currencies are required. In the interchange of products with France, however, a number of special factors make it difficult to appraise the results of the depreciation of the franc. Wholesale prices moved up rather rapidly in France, and this tended to offset in a measure the lower currency valuation. The business recession in the United States which reduced the demands for all imports was particularly important; and, on the export side, the very heavy inventories which were accumulated in France in 1937 tended to reduce demands in 1938-that is, some of the large increase in exports to France in 1937 was, in effect, advance business for 1938. Figures by volume are frequently a more dependable measure of trade movements than those by value when a currency is devalued. The value of passenger automobiles exported to France in 1938 was 27 percent less than the 1937 figure, but the quantity figure in table 22 shows that the volume declined only 12 percent. Yet this quantity figure does not indicate whether the same grade or quality of goods was bought. The unit value of the 1937 automobile exports to France was $815, and that of 1938 cars was $670. The statistics by price groups, not shown in the table, indicate that there was a very definite shift to cars in the lower-price group. Exports of passenger cars to France valued at not more than $850 increased from 1,117 in 1937 to 1,180 in 1938, while the aggregate value decreased about 2 percent. The number and value of cars in the $850 to $1,200 class were reduced more than 40 percent, whereas those over $1,200 declined in number from 118 to 22 and in value from $241,262 to $41,734. Neither value nor volume comparisons of trade with France in 1937 and 1938 reveal the operation of one of the most important factors in that trade; that is, the degree to which the volume of exports to France represented merely the filling of the portion of the demand permitted under the French quota system. In 1938 there were several shifts in the relative importance of goods exported to France-crude petroleum displacing raw cotton in first place, automobiles and copper remaining third and fourth in order of importance, and gasoline and metalworking machinery ranking fifth and sixth, as against seventh and fifth, respectively, in 1937, Among imports from France, textiles, cigarette paper, brandy, sparkling wines were again the leaders. and Table 22.-Principal Commodities in Trade of the United States With France 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. |