The total trade with China amounted to $2,467m., made up of $862m. of imports and $1,604m. of exports.
These figures represent in terms of value an increase of 1% in imports and approximately 10% in exports over the corresponding figures for 1950. Here again the value figures are misleading, since prices, particularly of exports, increased in many cases by as much as 100% or more, the actual volume of trade being in fact a good deal less than in 1950. There was a very marked decline in exports even on value figures after the first quarter of the year. Imports did not fluctuate to the same extent, although they were abnormally low during the middle of the year. The overall position is shown in the table on page 47.
Imports from the United States of America declined by 43% from $655m. in 1950 to $373m. in 1951. Imports dropped from $795m. in December 1950 to $29.5m. in January 1951 and to $20m. in February, and it was some months before cargoes off-loaded en route when the embargo came into force began to come forward. to the U.S.A. also declined considerably from $308m. in 1950 to $162m. in 1951.
A major factor in this decline was the American ban on imports of China produce.
Exports
Overall trade with members of the British Commonwealth showed an increase of 40% in imports and 37% in exports over the 1950 totals, amounting to $1,631m. (102m.) and $1,370m. (£86m.) respectively. Imports from the United Kingdom rose from $404m. to $619m., an increase of 53%. Exports to the United Kingdom also rose by $46m. to $214m., a figure which might have been higher had China produce and raw materials for the Colony's industries been more easily obtainable. The most striking increase was in exports to Malaya which jumped by $200m. to $740m.
Imports from Japan at $392m. were up by no less than 71%. A marked increase was noticeable in the last quarter of the year following the Colony's inclusion in the Sterling Payments Agreement in September 1951. Exports also rose from $120m. in 1950 to $192m.
There were considerable increases in imports from Belgium (273%), France (173%) and Germany (478%) due in the main to the fact that raw materials were more promptly obtainable from these countries than from traditional sources of supply.
In order of value the main item in the trade figures is textiles, with imports at $953m. and exports at $1,098m. Next come foodstuffs and beverages, imports of which were valued at $1,001m. and exports at $557m. Chemicals accounted for $656m. in imports and $676m. in exports.
44
TRADE
• # 11 1
$ MILLION.
600
500
VALUE
OF
Total Imports Total Exports
Imports from China
· Exports to China