AGRICULTURAL SURVEY OF EUROPE : GERMANY 
105 
It would appear from these figures that by 1923 there was a 
relatively close approximation to the pre-war trade relations between 
the two countries. In pre-war years, however, although Germany 
had an adverse visible oalance of trade in its commerce with all 
other nations, it enjoyed an invisible income from foreign invest- 
ments, tourist expenditures, emigrant remittances, etc., which left 
a net favorable balance of payments, so that there was usually a 
material net importation of gold. Since the war, however, the 
interest from foreign investments and the tourist expenditures have 
been greatly reduced, so that with an adverse visible balance of 
trade Germany is becoming to an increasing extent a debtor nation. 
Furthermore, m considering only the visible balance of trade, the 
relation between general prices in pre-war and postwar years must 
be considered. In the years ended June 30, 1921-1925, the trade 
between the two countries, while approximately the same as before 
the war in terms of dollars, was smaller in volume and in the pur- 
chasing power of the proceeds than in any of the five T^ars immedi- 
ately preceding the war. 
AGRICULTURAL EXPORTS TO GERMANY 
American exports to Germany have always been predominantly 
agricultural. Table 94 shows the export value in the years begin- 
ning July 1, 1909-1913, 1921, 1922, 1923, and 1924 of the 12 most 
important agricultural exports to Germany, amounting in 1923-24 
to nearly 75 per cent of our total exports to that country. 
Table 94. — Value of Exports of 12 principal agricultural products, United States 
to Germany 
Year beginning July 1 
Commodity 
Average 
1909-1913 
1921 
1922 
1923 
1924 
Cotton, raw 
Dollars 
154, 454, 688 
15, 683, 461 
148, 561 
2, 375, 485 
31 
6, 087, 881 
990, 535 
65,084 
3, 245, 265 
913, 716 
4, 447, 827 
4, 537, 348 
Dollars 
130,841,050 
30, 233, 767 
5, 959, 577 
1,598,680 
4, 774. 050 
31, 507, 603 
8, 543, 188 
6, 364, 324 
18, 939, 147 
3,200 
2,511,435 
4, 869. 472 
Dollars 
118,436,466 
39,495,719 
8, 608, 748 
1, 580, 071 
1, 565, 068 
10, 514, 527 
5, 629, 680 
15, 774, 787 
9, 663, 437 
336, 953 
2, 914, 365 
4, 393, 668 
Dollars 
198, 787, 795 
41,545,284 
9, 612, 105 
1,315,436 
4, 380, 156 
2, 209, 905 
7,225,117 
3, 716, 239 
640, 681 
23,201 
• 864, 875 
8, 157, 966 
Dollars 
227, 182, 818 
Lard., 
38, 516, 237 
Bacon 
3, 546, 646 
Oleo oil 1 
2, 583, 957 
Milk, condensed and evaporated. 
Wheat 
3, 960, 554 
11,847,632 
Wheat flour .. 
14, 246. 332 
Rye 
10, 904. 124 
Corn 
35, 429 
Barley 
7, 943, 802 
Cottonseed oil, cake, and meal..- 
Tobacco 
4, 064, 627 
4, 245, 662 
Total 
192,949,882 j 246,145,493 
111,147,967 104.349.776 
218, 913, 489 
74, 218, 945 
278, 478, 760 
99, 871, 603 
329, 077, 820 
All other commodities.. . 
134, 980, 527 
Compiled from the following publications of the United States Bureau of Foreign and Domestic Com- 
merce, Washington, D. C; Foreign Commerce and Navigation of the United States, 1910-1914; Monthly 
Summary of Foreign Commerce of the United States, June, 1922-1925. 
1 Includes neutral lard in 1909-10. 
This is not a complete list of the agricultural exports to Germany, 
but it is sufficient to show the significance of the German market in 
American agriculture. 
