611.5231/962
The Spanish Embassy to the Department of State
Foreign Trade of Spain
(Base—1933)
| Total | value | of | imports into Spain | 845.701.896 | gold | pesetas. |
| “ | “ | “ | exports from Spain | 673.041.577 | “ | “ |
| “ | “ | “ | deficit against Spain | 172.660.319 | “ | “ |
Exchange Between Spain and the United States
| Total | value | of | exports | from | U. S. to Spain | 137.395.000 | gold | pesetas. |
| “ | “ | “ | “ | “ | Spain to U.S. | 53.794.000 | “ | “ |
| “ | “ | “ | deficit against Spain | 83.601.000 | “ | “ | ||
The United States is the first supplier of imports to Spain. As stated above the value of these imports from the United States into Spain in 1933 amounted to 137.395.000 gold pesetas, equivalent-to 16% of the total value imported.
The total unfavorable balance of Spain with the world amounted to 172.660.319 gold pesetas in 1933, of which 83.601.000 represents the unfavorable balance with the United States, or 48% of the total deficit.
The unfavorable balance of Spain with the world, both in the commercial as in the payment aspects, has come to represent a serious danger for the national economy. If such deficit should continue, Spain would be forced to reduce her purchases abroad, since she would find it impossible to make due payments.
Of the countries with which Spain had a favorable balance of trade, some have already levelled that balance, others are in process of doing so. As a result, Spain, in its trade agreements with the world, must follow the tendency of levelling the unfavorable trade balance to the extent that it may be possible. It is no doubt of equal interest to the United States to cooperate towards the reduction of the present unfavorable balance and will no doubt be considered as a perfectly justified aspiration under a strictly commercial viewpoint and in front of world conditions and international economic relations.
[Page 690]According to Spanish legislation, no reductions can be effected in the second column.6 Other concessions are restrict[ed] to countries with which Spain has a decidedly favorable balance. Also, most favored nation treatment can only be given to a list of determined products in accordance with Spanish legislation. The distribution of quotas is granted by Spain, not as a most favored nation concession, but as counterbalancing those concessions that Spain obtains in commercial agreements with other countries.
- i. e., second column of the Spanish Tariff.↩