Thus, in the year 1903, the total foreign trade of the United States exceeded that of all previous years, and reached the astonishing figure of $2,445,000,000. Although before the year 1900 the total trade was less than two billions, it reached the sum of one billion as early as the year 1872; exports and imports together amounted in 1830 to 134 millions; in 1850 to 317 millions; in 1860 to 687 millions; in 1870 to 828 millions; in 1880 to 1,503 millions; in 1890 to 1,647 millions, and in 1900 to 2,244 millions. During this period the balance of trade shifted frequently. In 1800, for instance, there was an import balance of 21 millions, and similarly in the decades ending in 1810, 1820, and 1830. In the decade which ended in 1840 there was an average export balance of 29 millions. The tables turned in the next decade ending in the year 1850, when there was an average import balance of 29 millions; in the decade ending 1860, of 20 millions, and in the following decade, of 43 millions. But then the exports suddenly increased, and have exceeded the imports for the last twenty-five years. In 1880 the imports were 667 millions, and the exports 835 millions; in 1890 the imports were 789 millions, and the exports 857 millions; in 1900 the imports were 849 millions, and the exports 1,394 millions; in 1901 the imports were 823, and the exports 1,487; in 1902 the imports were 903, and the exports 1,381; and in 1903, as given above, the imports were 1,025, and the exports 1,420 millions.
Let us now look at the American imports more closely. Letting all our figures represent million dollars, we learn that during the last year imports of breadstuffs and live animals were 212; of raw materials 383; of half-finished products 97; of manufactured products 169, and of articles of luxury in general 145. The food products imported, which comprise to-day 21 per cent. of all imports, comprised 31 per cent. in 1880; and at that time the necessary manufactured articles were also a larger proportion of the whole, being then 20 per cent. against 16 per cent. to-day. On the other hand, raw materials, which were then 25 per cent., are to-day 38 per cent., and articles of luxury have increased from 10 to 14 per cent. of the total imports. Of the half-manufactured products imported, the most important were the chemicals, valued at 38 millions; then come wooden wares worth 11, oil worth 10, iron worth 8, skins and leather worth 5 millions. Of raw materials the most valuable were skins and furs, which amounted last year to 58 millions; raw silk was next, with 50; vegetable fibres, such as hemp, 34; rubber 32, iron and steel 30. This last figure is an exceptional one, and is due to the fact that during the year the American steel industries were taxed to their utmost by consumers’ demands. In the year 1902 the iron and steel imports were only 9, and in 1901 only 3 millions. The imports of raw chemicals amounted to 23 millions, and tin the same; wool 21, copper 20; wood 11, and cotton 11.