Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-12-11
FOREIGN TRADE
BREAKS RECORD
Significant Increase in Manu-
tactured Product Exports For
merIy Supplied by Europe
NEW PEAK FOR IMPORTS

In face of the demoralized state OF
the foreign exchange markets wnlcn Is
giving considerable concern to inter
national banking interests, the foreign
commerce of the United states VIII
make a new high record for the current
calendar year.
According to estimates OF reliable
banking interests, the grand total OF
imports and exports will be fully
SIC, 500 900 900. against little
more than $4,000, 100000 in 1918
and 1917. Less than SS,OOo,OoO,-
600 in 1916 and slightly less
than $4,000 900 900 in the year i'm
mediately preceding the war, 1914. In
other words, the foreign trade IN 1913
will exceed by more than 81 600, ,OOO,-
900 that of any earlier calendar year,
and will be two and one half times as
great as Immediately preceding the war.
In recent statistics compiled by the
National City Bank of New York, II
was estimated that the grand total OF
imports for the current calendar year
will exceed $3.50 900 900 and the ex-
ports approximately So, ,00o,oOo.
fyipg when it is realized that the in
crease in exports occur largely in man
ufactures, assuring labor of its parti-
cipation in this feature of the country S
prosperity. In imports, the increase oc =
ours chiefly in manufacturing material
Another striking feature of the III e
crease in the grand total OF manuiac
tured exports is that it occurs chiefly
in its movements to nonmanutacturlnS
sections of the world, which were Tor :
merly accustomed to draw their imports
of manufactures from Europe.
To Asia and Oceania, where manu- :
factures from over so per cent OF our
exports thereto, the total OF eXpordos
for the year will be nearly 5000 ,OOu,o ,o0o,
against 1908 900, 900 in 1918, $54I =
900 900 in 1917 and less than SOU, :
600 600 in the year preceding the war.
no South America. where manufac :
tures also form about GO per cent OF
the total. the years figures will ap :
proximate $3.50 900 900 against $303, :
400 600 last year. and slightly less than
S10O. .OOO, 900 in 1914. To our nearer
reighbors, Canada, Mexico, Central
America and West Indies, the total Will
hn about 81 300, 900 600. as compared
With S4S2, 900 900 in 1914.
To Europe, which is still demanding
our foodstuffs and manufacturing ma d,
terial, especially cotton, the total Will
onparently approximate about S4,OOO,
! O00 900. as against SO, SOY, ,OOo:ouo IN
1918; S4 ,O62 600 900 in 1917, the year
of her greatest demand upon us, and
| ST. $3.50 600 900 in 1914.
On the import side, where the growth
is equally striking, the total will be
about $3.50. 100000 against S4,o3l, d,
600 600 in 1918, the former high record
year. The chief increase occurs IN man :
nfacturing material, which Will total
about 81 $50 900 900. against 81 II, :
900 900 in 1913 and 81, ,26S, ,ooo'ooo IN
1917. :. our
While much of this increase IN our
foreign business is due to higher prices;
there is undoubtedly a very mnterlai
increase in quantities, especiaiiy VI
manufactures. c -
Another f6ctor in the high hgures OF
imports lies in the fact that the I'm :
port figures, which are those OF the
valuation of the countries from whlct
drawn, were accepted until recently a.
the nominal face valuation IN currency
of the country from which the mer
chandise was imported. tnougini the t,
oyervaluation thus created Will no'
seriously affect the grand tota,, slnct t
the imports from Europe, where nios'
of the depreciation in currency occurs;
forms less than 20 per cent OF the 'o'a
| imports in the year.