The Wilmington morning star., 1947-09-04
EXPORTS DECLINE
Continued from Page one)

U. S. exports hit their all-tlme
peak in May, but have been fall
ing steadily since as more and
more items were added to the
fast-swelling list Of restrictions
which foreign countries clamped
on importation Of U. S. goods.
This reached a climax when
England and France all but ceas-
ed buying American products and
Australia and Canada indicated
they soon would cut purchases
drastically.
Foreign trade analysts expect
the down trend in exports to be
accelerated, with orders dropping
off sharply, although deliveries Of
goods already ordered may con.
tinue through the fall.
Most Of the restrictions are
aimed at conserving dollars for
the purchase Of "essentials". Eng
land also aimed to increase trade
with nations which will accept
pounds and to hold all importa-
lions from dollar countries to the
barest minimum-even in the pur-
chase of food.
Essentials
Essentials" are steel, machin-
cry and such raw materials as the
dollar-short countries need to sup
ply their reviving industries-and,
Of course, food and clothing and
building materials.
The U. S. Department of Com,
merce reported commercial ex-
ports at a peak of 81, 361, 900, 900 in
May, but down to $1,2o1, 600, 900 in
June, the last month for which
figures were available. Imports
were $473, 600, 900 in May and
$466. 600. 900 in June.
Economists. pointed out thai
first six months exports were ST.
558. 600. 900. while imports were
less than So, 1863, 600, 900, leaving ar
export surplus of nearly 4 1896
00O, 90. which explained the drair
on the worlds dollar supply.
The effect on specific American
industries Of curtailed foreign
buying was summed up in thi.
manner:
Textiles - Exports declined
sharply at the start Of the sum.
mer as more countries took Amer.
lean textiles off preferred list.
and turned their dwindling dollar
supplies to buying "essentials''.
The industry expects further
drops in exports, just at a time
when domestic "pipe lines'' are
becoming filled. If a surplus piles
up and domestic demand drops
off, lower prices may be in pros
pect. Exports of cotton textiles to-
tailed $50, 500, 900 in May but only
$67. SOC. 900 in June; wool textiles
S., 900, 900 in May, 81, 300, 900 ir
June: and rayon textiles $28, 300,
600 in May against $2l, 900, 900, ir
June.
Food Business
Food - England announced il
would stop buying American food
stuffs and buy only from ~'ieterling
countries. Washington immedi.
ately said that grain auocated to
England would be kept in the gen.
eral export pool for use in any
emergency, thus leaving the sup.
ply available to the American con-
sumner just where it was. Exports
Of Impressed foods dropped
from $50, 600, 600 in May to $685.
BOO. 900 in June, and of processed
foods from $144, 500, 900 in May to
$137, 900, 900 in June.
Cotton-Britain has been buying
for its large textile industry the
cotton of Brazil, India and Egypt
whenever possible and is expected
to buy even less American cotton
next year than this.
Automobiles - Industry spokes-
men said exports have been
around five per cent of produc-
ton. Even if all exports ceased,
the industry's backlog of orders
for passenger cars is so big that
it would not be felt for many
months. Prices, they added, would
not be affected. In May new cars
valued at $135, 400, 900 were export
ed; and in June the value dropped
to $27, 400, 900.
Used Cars-There was a sharp
er drop in the expectation of used
cars-from $2,754, 900 in May to
S1,061, 1000 in June. The slump in
the used car export business came
when countries like Brazil and
Mexico stopped the lucrative pro-
cess OF reshipping American used
cars to countries which could not
buy them from us directly. In this
field, too, automobile Spokesman
insisted that the domestic demand
was strong enough to keep prices
up for months no matter what
happened to the export business.
Machinery Down
Machinery-In spite of a huge
worldwide need for machinery
replacements, U. S. exports
dropped from $145, 300, 600 in Nav
to $109, 500, 900 in June. Shortage
OF dollars abroad was blamed by
the industry, since machinery re-
NAMED on the Essential" lists of
most countries.
Steel Also remained on the
Essential" lists. and will be put
back on a licensing basis by the
government Oct. l to allocate it
to the countries most needing it.
Steel mill products exported in
May We're valued at $36, 400, 900
and in June at $32, 700, 900. Iron
and steel "advanced manufac-
tures' were put at $24, 500, 900 in
May and $23, 800, 900 in June.
Electrical machinery and prod
ucts-May exports were SIS. ZOO :
900 and June SAB, 200, 900. Exports
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