An

there was a largely increased favorable balance for the islands, there was a largely increased unfavorable balance in the islands' trade with other countries. outstanding example in this unfavorable balance of trade is with Japan.

[From the 1930 Report of the Insular Collector of Customs]

The total foreign trade dropped from P623,214,234 in 1929 to P512,520,162 in 1930, or a decrease of P110,694,072. The value of imports was P246,185,907 and of exports, P266,334,255, thus showing a balance of trade in favor of the islands to the tune of P20,148,348. The comparatively low prices which our products commanded in foreign markets was chiefly responsible for the considerable decline in our foreign trade. In the case of our sugar export, for instance, the quantity was increased from 695,868,138 kilos in 1929 to 743,979,730 kilos in 1930, but in spite of the greater quantity exported the return in value dropped from P106,488,298 in 1929 to P104,480,451 in 1930.

As in previous years, the bulk of our foreign trade was carried on with the United States. Our trade with the mother country during the year amounted to P367,050,179, representing 72 per cent of our total trade; whereas in 1929, our trade with that country formed 70 per cent of the total trade. Of the above amount, P156,366,057 represent imports and P210,684,122 exports, or a trade balance of P54,318,065 in favor of the islands. With the exception of silk and its manufactures and vegetable products and their manufactures, the United States was the principal purveyor of all items of our imports; and with also two exceptions, namely, knotted hemp (abaca) and copra meal or cake, the bulk of our products were sent out to that country.

Our trade with all countries other than the United States also suffered a slight decrease; from 189,097,371 in 1929 to 145,469,983 in 1930, or a decrease of P43,627,388. The relative positions of the countries in respect to the volume of their foreign trade with the islands were practically unchanged, with Japan ranking second only to the United States, and Great Britain, China, Germany, and Spain, following close behind in the order named. It may be of interest to mention in this connection that in former years the United States ranked first among our suppliers of silk and its manufactures, but in 1930, Japan wrested the local market from the former and supplied 54 per cent of the total importation while the United States supplied only 24 per cent.

Table showing value of the trade of the Philippine Islands with all countries and value of Philippine imports to and from each, during the year 1930

[From the 1930 report of the insular collector of customs]

[Extracts from "United States-Philippine Tariff and Trade Relations" Report No. 18, second series published by the United States Tariff Commission]

RELATIVE POSITION OF THE UNITED STATES AND OTHER COUNTRIES IN PHILIP PINE IMPORT AND EXPORT TRADE, 1928 AND 1929

During 1929 continental United States supplied 62.92 per cent of Philippine imports and received 75.69 per cent of Philippine exports; far eastern regions relatively near the Philippines supplied 22.27 per cent and received 7.95 per cent, respectively, while European countries supplied 11.89 per cent of the imports and received 14.83 per cent of Philippine exports. These percentages varied but slightly from the year 1928 and indicate broadly that, considering large geographical divisions other than the United States, the largest proportion of Philippine import trade came from relatively near-by oriental points rather than from Europe, but as Philippine export markets these oriental regions were relatively less important than Europe. In 1929 Japan was second to the United States both in supplying Philippine imports and as a market for Philippine exports. The following tabulation shows percentages of Philippine imports from and exports to the countries and regions leading in Philippine trade during 1928 and 1929.

Proportions of Philippine import and export trade with all countries 1

UNITED STATES EXPORTS OF AGRICULTURAL PRODUCTS, MANUFACTURES OF AGRICULTURAL PRODUCTS, AND OTHER PRODUCTS TO THE PHILIPPINES, 1910-1914 TO 1924-1928; AND 1929 27

The average annual value of United States primary agricultural products shipped to the Philippines, including raw coffee,28 during the five calendar years 1924-1928, was $1,548,040,29 or 2.29 per cent of all United States exports to the

27 The trade figures discussed under this heading do not include reexports of foreign products. 29 Shipped principally Hawaii.

29 Among these, the only items valued at more than $5,000, annual average, during 1924-1928, were: Poultry and game, $5,564; apples, green or ripe, $213,748; fresh grapes, $92,224; lemons, limes, oranges, grapefruit, and other subtropical fruits, $251,751; fresh peaches, pears and other fruits, $9,916; fruit stocks. cuttings, etc., $7,196; nuts, $5,157; dried beans, $15,249; dried peas, $5,671; crude drugs, herbs, and roots, $6,227; onions, $12, 136; potatoes, $14,071; other vegetables in natural state, $52,597; hay, $41,514; hops, $7,560; spices, $8,151; tobacco, unmanufactured, $534,228; green coffee, $229,282.

Philippines; as compared with 3.19 per cent or $720,902, annual average during the five fiscal years 1910-1914, immediately following the inauguration of dutyfree trade with the islands in 1909. For domestic manufactures of agricultural products, including roasted coffee, the annual average during 1924-1928 was $28,306,763, or 41.89 per cent of the total, as compared with $9,661,702 or 42.84 per cent during 1910-1914. Although the average annual values of United States primary agricultural products and manufactures of agricultural products combined, shipped to the Philippines, thus increased greatly from 1910-1914 to 19241928, their proportion to the total United States export trade with the islands declined slightly from 46.03 per cent to 44.18 per cent.

The values of Philippine agricultural products, including both raw and manufactured, shipped to the United States were, during approximately the same periods compared above, very much greater than the corresponding exports from the United States to the Philippines, and the proportion of these products to total exports was also much greater in the shipments from the Philippines to the United States than in the reverse movement; this fact may be noted from Tables

11 and 12.

United States exports to the Philippines of primary agricultural and manufactures of agricultural products during 1929, practically all benefiting by the tariff preference incidenal to duty-free admission of American products, amounted to about $33,395,000. During the same year Philippine exports of primary agricultural and manufactures of agricultural products to the United States and possessions amounted to about $115,101,000. Of this amount, sugar, coconut oil, desiccated coconut, tobacco products, cordage, and hats, entering duty free, because of Philippine origin, comprised about $90,765,000, or 79 per cent; the remaining $24,336,000, or 21 per cent, was made up of copra, manila fiber, copra meal or cake, and maguey fiber, which enjoyed no tariff preference, because they were on the general free list of the United States tariff.

Leading Philippine imports from continental United States, 1924–1928, 1929, and increase 1924-1928 over 1911-1914

July 1, 1910-Dec. 31, 1914,

These percentages indicate to what extent each of the items listed was responsible for the total increase

in imports from the United States.

Source: Annual Reports of the Insular Collector of Customs, Manila, P. I.