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CHINA.
respect of Chinese products exported abroad, the principal takers of silk (after Hong- kong) were Japan, America, France, and British India in that order, the quantities being 32,719, 29,742, 18,805, and 9,525 piculs respectively. The chief buyer of tea was Russia, with 240,824 piculs, followed by a group of countries including Turkey, Egypt, and North Africa generally, with 162,392 piculs, followed again (after Hongkong) by America, Great Britain, British India, and France. Beans went mainly to Russia, Japan, the Netherlands, and Great Britain in that order, the quantities to the nearest million being 15, 11, 6, and 3 million piculs respectively. The direction of trade in the other principal export staples is indicated in the tables attached to the paragraphs of this report dealing with the various items of Chinese produce exported abroad.
IMPORTS.
Some of the more important factors affecting the import trade during the year, were the extraordinarily low exchange value of silver; the violent fluctuations in exchange; the reduced purchasing power of the country due to conditions at home; the anti-Japanese boycott campaign; the higher Import Tariff; the lowered commodity prices abroad owing to superabundant production and shrinkage in world demand, possibly the one factor favouring imports to this country; and, on the principle that exports pay for imports, the shrinkage in demand and the poor prices offering for Chinese products: With regard to the latter factor, if the abnormal cross-rates with foreign countries had stimulated and increased the export trade to such an extent that the proceeds therefrom counterbalanced the high cost of imports, then the question of monetary exchange could have been removed from the list of the year's adversities, but unfortunately this was not the case, for while China received less than 2 per cent., or 14 million taels, more from the proceeds of her exports as compared with the pre- vious year, she had to pay 124 millions more than in 1930 for a considerably decreased quantity of imports.
The net total value of the foreign import trade in terms of silver rose from 1,310 million Haik wan taels in 1930 to 1,434 millions in the year under review, the value of this trade in terms of U.S. gold dollars fell from 603 millions in 1930 to 488 millions in 1931; but, for the sake of those who have not followed recent trading conditions, closely, the warning must be repeated against taking even the gold figures as an exact guide to the actual volume of trade, seeing that the drop in cominodity prices in gold- using countries to a fairly large extent off set the adverse silver exchange.
Imports Direct from Foreign Countries
In thousands of Haikwan taels (000 omitted)
1929
1930
1931
Hk. Tls.
Hk. Tls.
Hk. Tls.
Cotton goods *
...
188,574
149,839
121,078
Raw cotton be
91,124 132,266
179,082
Rice
58,981 121,234
64,376
Sugar
98,761
86,391
85,889
Metals and minerals
Kerosene oil, liquid fuel, and lubricating oil
70,855 75,881
85,125
64,779
65,043
79,757
Tobacco
...
49,162
58,373
62,681
Chemicals
34,255
46,905
48,713
Machinery
29,867
44,283
43,605
Paper
...
34,246
37,384
45,405
Flour
...
64,008
31,926
30,920
Dyes and pigments
...
33,192
25,765
39,441
Wool and cotton unions and woollen goods +
44,431
24,616
32,564
Timber
Wheat...
....
...
: 27,819 23,178
34,685
...
21,431
12,831
87,639
* Exclusive of raw cotton.
+ Exclusive of sheep's wool.
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