The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-01-03
Review Of u. S.
Foreign Trade ia 1921


States in the calsndar year 1921 show
heavy reduction in their stated
value OF the merchandise entering and
leaving the country. In no single
year in the history of our foreign
trade, says the Trade Record of The
National City Bank of New York,
have the official figures shown such
percentage Of reduction. The total
foreign trade of the country, imports
and exports combined, stood at 13h
billion dollars in the calendar wear
1920. the highest total ever reached,
and eleven months figures ending with
November, 1921. justify the assertion
that the total for the full year just
ending will not exceed $1,000, ,OOO, 600,
and will probably fall little below
that total as against 1917 billion dol
lars one year earlier.
The reduction in the total values Of
the merchandise entering and leaving
the country In 1921 will be about 4s
per cent; in imports the reduction will
be approximately SO per cent and in
exports 45 per cent.
This fall off in the values of the for
eign trade in 1921, when compared
with 1920, extends to every great
group of articles, both in imports and
exports. Raw manufacturing ma
terial imported shows fall off of
about 53 per cent in total values;
foodstuffs So per cent, and manufac-
lures 43 per cent, these figures being
of course in very round terms, the
smaller reduction in manufactures be-
ing due to the fact that importers
are bringing In large quantities of
manufactures in anticipation Of a
higher tariff. On the export side, man.
featuring material shows q fall of
48 per cent, foodstuffs 33 per cent, and
manufactures 81 per cent, these fig
ures as to exports being also neces-
sarily in very round terms.
Considering the trade of the coun-
try with the grand divisions imports
from Europe show fall of 3s per
cent, from North America 50 per cert.
from South America 81 per cent, end
from Asia and Oceania So per cent.
Exports to Europe show a decline of
45 per cent, to North America, 40 per
cent, to South America Sc per cent,
and to Asia and Oceania 80 per cent
The general causes of this tre-
mendous decline inthe value o. every
group of articles imported or export
ed and also a reduction in tie trade
with every grand division of the
world, lie primarily, says TIE banks
statement, in the fact that The prices
per unit of quantity are il most of
the important articles less than half
hose of year ago and thst in many
instances given quantity of mer-
chandise being now import ed is valued
at less than half that at the same date
last year. Our biggest imports are
of course, in manufacturing materials,
India rubber, hides and skins, wool,
raw silk, raw cotton, fibers and tin.
The rubber imported in October, 1921,
entered at ID per pound against 37c
in the same month of last year; cat
tie hides at 10k cents a pound against
22c; carding wool at lac a pound
against 40c year ago; combing wool
in September, 1921, (no imports in
October) at 23c per pound against G6c
one year earlier: raw cotton in Sep
tember 161sc against 54kc in Sep
tember of the preceding year; tin
271a cents a pound against SIC year
earlier; Manila hemp $135 per ton
against 1910 one year earlier; 'sthe
only important manufacturing ma
terial which has failed to show a big
fall off being raw silk. In foodstuffs
conditions are similar, the sugar i'm
ports Of October, 1921, averaging two
and eight tenths cents per pound
against 1890 in October of the pre-
ceding year, while in other articles of
food there Is material reduction but
none as great as that of sugar, which
by the way is the biggest single arti-
Gle of foodstufYs imported.
The fall off in values of the princi-
pal articles exported is equally strik-
ing and an equally important factor in
the causes of the decline, wheat ex-
ported in November going at $1.18 per
bushel as against $3.50 in November
Of last year; corn in October at 60c
per bushel against $1.33 in the same
months of the preceding year; cotton
at zoe a pound against 30c one year
earlier, and bacon at 13c pound
against 23c. year earlier.
OF course, adds the banks state
ment, these big reductions in the val
ues per unit of Quantity of the articles
imported and exported, are not the
only causes Of the big fall off, for
there are many actual reductions in
quantities, and this is due to the de
creased purchasing power of our own
farmers and wage earners and also to
the big reduction in the imports Of
the countries to which our exports
are sent.
Assigns Pension to War