United States Trade with the Other American Republics in 1947 THE following paragraphs and tables are quoted from an extensive article under the above title printed in the Foreign Commerce Weekly, Department of Commerce, Washington, April 17, 1948. The author is Daniel Roxon, Special Programs Branch, Areas Division, Office of International Trade, Department of Commerce. The trade of the United States with the other American Republics rose to an unprecedentedly large total in 1947. Exports advanced to $3,857,000,000, a value 306 1 percent higher than the yearly average for the war years 1941-45 and 84 percent greater than the high value in 1946. Imports, valued at $2,150,000,000, increased 65 percent over the wartime 1941– 45 average and 22 percent over the trade = in the immediately preceding year. The Egreater expansion in exports than in imports, outstanding feature in 1947, had also marked the trade of the preceding year, whereas a larger growth in imports than in exports prevailed during the war period. While price rises contributed to the high value of trade in 1947, the volume of exports to the other American Republics rose to the largest total in the history of trade between the two areas. Indexes of 1 volume which eliminate the influence of fluctuations in price indicate that the export trade was more than four times as large as in 1938, nearly three times as great as the average volume in 1941-45, and 55 percent above 1946 shipments. The volume of imports was slightly smaller than the total in 1946, about 11 percent smaller than the record volume in 1944, and 86 percent larger than in 1938. . Although the Latin American countries had gradually resumed their trade with prewar European markets, the mutual interdependence of these countries and the United States, well demonstrated in the war period, continued to mark the trade relations in 1947. The other American Republics purchased 27 percent of total United States exports, a record proportion, and they furnished almost 38 percent of U. S. merchandise imports, a larger share than any other trade area. In the total Latin American trade, it is estimated that 40 percent of total exports from that region came to the United States and 66 percent of total imports were United States products. 1 Estimates based on indexes of total United States exports and imports. 395 United States share in the trade of Latin American Republics1 (statistics of the Latin America 1 Data are for calendar years for all countries except Haiti, which are for the fiscal year ended Sept. 30, and Honduras, which are for fiscal year ended June 30. 2 National currencies converted to United States dollars at annual average exchange rates. 3 Includes non-monetary gold and silver. Estimate for year based on data shown for individual countries. January-August. 6 January-June. 7 January-September. Includes gold and silver. January-October. 10 January-March. 11 Country of destination of large shipments of petroleum not specified, and percentage probably understates shipments to United States for these periods. n. a.: Not available. Summary of principal commodities in trade of the United States with Latin America: Value, percent increase, percentage distribution, and ratio to trade with all countries, 1938, 1941, 1946, and 1947 1 Minus sign denotes decrease. ? Exports of United States merchandise. Increase over 1,000 percent. Includes small amounts of raw wool and unmanufactured hair. Imports of merchandise for consumption in 1938 and 1941; general imports of mer chandise in 1946 and 1947. Includes ores and concentrates imported for smelting or refining and export. Excludes Venezuelan oil indirectly received in the United States via Curaçao. Less than $50,000. Less than one-tenth of 1 percent. Juan Félix Morales Ambassador of Paraguay and Representative on the Council of the Organization of American States ON April 23, 1948, Dr. Juan Félix Morales presented to President Truman his letters of credence as Paraguay's new Ambassador Extraordinary and Plenipotentiary to the United States, and on May 19 he took his seat for the first time as a member of the Council of the Organization of American States. Dr. Morales who, when appointed to his new post, was interim President of the Bank of Paraguay, comes to his duties with an excellent background, both practical and theoretical, in economic and social affairs. This was obtained partly in the United States, where in 1941-43 he enjoyed fellowships from his Government for study at the Wharton School of Finance and Commerce of the University of Pennsylvania and at Columbia University. In August 1943, Dr. Morales was named head of the newly created Ministry of Industry and Commerce. While he held this position he planned the Workers' Housing Unit; assisted the Paraguayan Industrial Union in holding the successful Industrial Exposition of 1943; arranged for American experts on woods, hides, and other industrial raw materials to come to Paraguay; and was influential in fostering the agreement between the Ministry of Education and the President of the InterAmerican Educational Foundation that made possible the establishment of the Industrial Vocational School for the training of skilled workers. He also furthered and directed mixed committees consisting of |