CHINA
A5
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value of the export trade, and by $40 million net of gold shipped abroad as a commodity, without taking into consideration the shipment, notes having become the only legal tender of $249 million of silver since the first January 1936. That the result for the year is more satisfactory than was at one time anticipated can be ascribed to the Government's monetary reforms of No- ! vember 1935, to the improved position in regard to smuggling consequent on the preventive measures adopted, and to enhance exports. The satisfactory position of China's merchandise account permits optimism as regards the future, and, though the decline in the net gold value of imports from G.U. 501 million to G.U. 416 million is not a wholly welcome feature, there is reason to believe that the increase in the export trade will in due course have a beneficial effect on the import into China of those capital goods which are essential to future development. Moreover, now that World depression 'is showing signs of lifting, the benefits of general economic recovery should, provided no complications arise in her international relations, be fully shared by China.
DIRECTION OF TRADE
The following table shows the diretion of China's foreign trade for 1935 and 1936 and ber balance of trade in merchandise with each of the countries listed for the year under review:-
The Direction of China's Foreign Trade
In thousands of Standard dollars (000 omitted)
1
NET IMPORTS.
NET EXPORT A
COUNTRY.
1935.
St. $ per cent!
1036.
St. 8 per cent.
1935.
1936.
1936. Excess of
St. $
per cent. St. $ percent. Imports. Exports,
Austr dia
37,03%
4.03
15,988
1.70
2,458
0.43
'Belgium
18,476 2.01
6,081 0186 9,907
26,003
2.76
5,552
0.95
6,322
0.90
19,681
Luxemburg
1,402
0.15
1,717
0.18
1,717
British India
35,470
3.86
21,712
2.63
20,328 3.53
18,685
2.65
6,027
Canada
20,413
2.22
19,782
2.10
4,198 0.73
5,270
0.75
14,512
Cuba
146
0.02
.20
570
0.10
115
0.02
95
Denmark
775
0.08
2,339
0.25
2,817
0.49
3,665
0.52
1,326
Formosa
4,718
0.51
3,248
0.34
3,089
0.54
4,846
0.69
France
1,598
13,336
1.45
18,311
1.94
29,213
5.08
30,388
4,31
French Indo-China
12,077
59,648 6.49
17,922 1.90
5,613
0.98
9,891
1.40
8,031
Germany
103,184
11.22
150,051
15.94 28,926
5.02
39,173
5.55
Great Britain
110,878
98,070
10.67
10,332 11.72
49,458
8.59
64,892
9.19
Hongkong
45,450
Italy
16,816 1.83 12,903
16,554
1.76
94,50%
16.41
105,979
15:02
89,425
1.40
12,200
1,30
7,605
1.33
3,389
. 0.48
8,811
Japan
139,820
15.16
153,369
16.29
82,074
14.25
101,947
14,45
Korea
51,422
2,738
0,30
2,931
0.31
11,564
2.01
9,740
1.38
Macao
6,809
774
0.08
745
0.08
3,347 0.58
3,277
0.46
Netherlands
2,532
4,509
0.49
4,763
0.51
15,257 2.65
16,546
2.34
Netherlands India.
68,345
6.35
74,359
7.90
New Zealand
4,987 0.87
11,783
4,733
0.67 69,626
142
0.02
340 0.04
344
0.06
497 0.07
Norway
157
4,859
0.53
2,862 0.30
605
0.11
1.163
Philippine Islands..
0.16.
4,829 0.53
3,949 0.42
,1,699
4,805
9.83
6,101
0.86
Siam
27,162 2.96
2,152
18,852 2.00
3,603
0.63
4,050
S.S. & F.M.S.
10,245 1.11
10,761 1.14
12,896
2.23
0.57 6,14,802
15,644
2,22
Sweden
Switzerland
8,576 0.93 5,059 0.55
4,883
6,501 0.69
1,411
0.25
1,993
6,312 0.67
0,28 4,508
292
0.04
243
0.03
U.S. A.
174,678
19.00
185,134 19.66
6,069
136,394
23.69
86,320
26.40
U.S.S.R. (Russia)
1,196
Other Countries
7,687
0.84 47,893 5:21
1,221 0.13 .50,266 5.31
919,211 100.00 941,544 100,00
4,239 39,575 6.97
675,809 100,00
0.74
4,210
0.60
2,989
50,591
7.17
325
705,741 100.00 || 235,803
Total
Individually, the order of importance of the various countries for the year 1936 is found to be the United States of America, Japan, Germany and Great Britain, with respective aggregate totals for their imports and exports. of $371 million, $255 million, $189 million and $175 million. In percentages the order in the case of imports is the United States of America, 19.7 per. cent., Japan, 16.3 per cent.; Germany, 15.9 per cent.; and Great Britain, 11.7 per cent.; and, in the case of exports, the United States of America, 26.4 per cent.; Japan, 14.4 per cent.; Great Britain, 9.2 per cent.; and Germany, 5.5 per cent. The percentage of the export trade attributed to Hong
Kong. was 15 per cent. As has been pointed out in former reports, the introduction of the consular invoice systém eliminated to a very large extent the difficulty in determining the countries of origin in the case of imports; in view of the
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