Foreign Trade

Reporting on foreign trade last week the Department of Commerce said that the total value of exports in May was the poorest since October 1914. Yet the excess of exports over imports (''balance of trade") continued large; ran at $193,700,000 for the first five months. The value of imports and exports alike is about 36% below a year ago, although prices have fallen only some 20% during the period. The Annalist Index of business activity, adjusted for seasonal changes and trends, put May activity at 77.5% against April's 80.8%, January's low of 74.4%.

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