CHINA
and claims 21.6 per cent. of the import trade, as against 19.6 per cent. in 1928, while the percentage of exports remains approximately the same. The effect of the with- drawal of the Japanese Boycott is reflected in the increase in Japan's trade, although the percentage of total imports is some 2 per cent. lower, while exports to Japan are higher in almost the same proportion. The figures for Hongkong being, for purposes of comparison, excluded, Japan easily retains the premier position in China's trade, though the balance of trade in her favour was considerably reduced during 1929. America again strengthened her position, and, with little or no improvement in the demand for Chinese produce, her sales to China have continued to show a preponder- ance over her purchases. It should be remembered, however, that this balance of 92 million Haikwan taels in America's favour is probably more than amply covered by remittances from Chinese residents in the United States to their home country. Among other countries which advanced their statistical position in the China trade, Belgium, Germany, Italy, and the Dutch Indies all have reason to congratulate them- selves, while Turkey and the Netherlands have proved excellent customers, and, in a lesser degree, France, Russia, and Korea also.
COUNTRY.
The Direction of China's Foreign Trade
In thousands of Haikwan taels (000 omitted)
1928. Excess of Imports. Exports. Hk. Tls. Hk. Tls.
1929. Excess of Imports. Exports. Hk. Tls.
HE. Tis.
NET IMPORTS.
1928.
EXPORTS.
1929.
Hk. Tls. Hk. Tls.
1928. 1929.
Hk. Tls. Hk. Tls.
Hongkong
222,396
210,412
182,124
Macão
8,396
5,770
4,856
173,581 4,442
40,272
36,831
3,540
French Indo-China
1,328
10,487
14,263
7,228
5,754 3,259
Siam
8,509
6,100
4,145
6,623
5,136
523
Singapore, Straits, etc.
991
11,726
11,096
19,495
23,560
7,769
Dutch Indies
12,464
48,777
54,262 11,865
12,459 36,912
British India
41,803
47,364
54,180
19,266
17,815 28,098
36,365
Turkey, Persia, Egypt, Aden, etc.
424
1,912
33,817
54,541
Great Britain
33,393
52,629
113,125
118,657
61,064
74,331
52,061
Norway..
44,323
7,880
4,171
197
Sweden
281 7,683
3,887
3,050
3,827
494
662 2,556
Denmark
3,165
236
294
1,403
1,398
1,167
Germany
1,101
55,298
66,753
22,825
22,458
32,473
Netherlands
44,295
11,149
11,826
24,659
39,543
13,510
Belgo-Luxemburg Economic
27,717
Federation
18,053
25,755
3,693
4,133
14,360
21,622
France
21,394 18,014
72,041
56,319
50,647
Switzerland
38,275
3,114
2,586
117
74 2,997
2,512
Italy
16,039 19,817
15,085
16,377
954
3,440
Russia and Siberia
27,062
18,148
89,731
55,986
62,669
Korea
37,838
14,921
14,868
48,573
Japan (including Formosa)
39,784
33,652
24,916
315,960
319,075
228,602
256,428 87,358
62,617
Philippine Islands
5,577
5,030
5,848
7,419
271
Canada
2,389
16,352
38,413
1,389
U.S. of America (incl. Hawaii) Cuba
204,575
230,109 127,205
2,160 137,836
14,964
36,253
77,370
92,273
3,657
Australia, New Zealand, etc.
3,657
2,735
6,015
Other Countries
3,779
2,694 2,417
Total
··
1,108 1,996 2,096 1,362
1,195,969 1,265,779 991,355 1,015,687 204,614
739
4,907
598
250,092
IMPORTS.
As has already been stated, the value of net imports, ie., gross imports less re-exports abroad of foreign produce to foreign countries, is the highest on record, totalling over 1,265 million Haikwan taels, an increase of almost 70 millions. This result is, in a large measure, due to inflation of prices contingent on the rise in sterling exchange, and, if this total is converted into pounds sterling at the average rate ruling throughout the year, it will be found that the total purchases of foreign goods by China cost the country approximately 168 million pounds in comparison with 175 million pounds in 1928. The trade in practically all commodities received a decided impetus at the commencement of the year as a result of the rush of imports in order to avoid the higher duties payable under the new Import Tariff from the 1st February. The various import headings are dealt with seriatim below, but it should perhaps be stated that, generally speaking, the position of the small European commission agent tends more and more each year to sink into insignificance and that large Chinese business houses are finding it more profitable to send their own buyers abroad, where
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