8.0 2.9 2.1
1886-90 12.4 7.4 3.2 1.6
1891-95 13.3 7.7 3.0 2.5
1896-1900 20.4 11.6 4.4 4.3
1901-05 31.3 17.2 7.0 7.0
1906-10 35.1 16.8 7.2 11.0

The irregularity of the export trade, as shown by these figures, has been
explained on several grounds, the chief factors being, apparently, the
fluctuations in the prosperity and consequently in the buying power of
the home market, and the pressure upon the home market exerted by the
rapid growth of cotton manufacturing in the South.

The normal position of the United States as an exporter of cotton goods
is shown by the following table, which gives the exports of the chief
manufacturing countries in the year before the war (the figures for 1915
are also given because they show the changes which had already begun):

1913 1915

United Kingdom $618,000,000 $418,000,000
Germany 117,000,000 30,100,000
France 78,000,000 60,000,000
Japan 58,000,000 95,800,000
United States 55,500,000 60,200,000
Switzerland 50,300,000 65,800,000
Italy 47,800,000 30,500,000
India 38,900,000 27,300,000
Holland 30,900,000
Austria Hungary 27,800,000
Belgium 23,700,000
Russia 22,500,000 19,700,000[B]
Spain 8,300,000 17,400,000
China 1,400,000 2,100,000

-----
[B] Eleven months.

Thus, despite the very remarkable growth which had taken place between
1910 and 1913, the United States ranked fifth among the nations exporting
cotton goods. The reasons for this might be summed up in almost a word.
The attractiveness and rapid growth of the home market provided an outlet
for practically the whole output of American mills. With high prices
prevailing in the home market, the manufacturer was not called upon to
exert himself to stimulate sales in regions where competition would
inevitably be keen and profits small.

Minor Handicaps to
Trade Development

Supporting this main objection there have been others. Until recently the
banking facilities abroad were insufficient to the needs of a greater
commerce; and shipping facilitie