Directory_and_Chronicle_1936 — Page 385

CHINA

A5

look worse in face of the unusually large statistics recorded for the boom years, little real comfort can be derived from the fact that the import trade is still greater than it was up to the year 1920 or from the fact that the export trade still compares well enough with that for the period 1910 to 1918.

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A noticeable fact brought out by the year's figures, perhaps the only one to induce at least a restrained feeling of optimism as to the future, was the further decline in the adverse balance of the merchandise account. The worst balance ever recorded for the country (minus the Manchurian account) was that shown for 1931 in Table II above; but, from this maximum of $1,087 million, it will be seen that successive annual reductions of $132 million, $222 million, and $238 million have been recorded. In other words, the passive balance has been reduced by more than half over a period of only three years. Whether this reflects the restrictive effect on imports of the higher tariffs, the limiting effects of poverty, or both, the resultant improvement in the account. represents a theoretical enrichment of the country to the extent of the amount saved on balance over the period in question. Although the disparity between imports and exports during the year under review is shown in the table as $495 million, properly speaking this gap should be reduced by the following amounts: $24.7 million of export duty, which should be added to the outward statistics to obtain the true f.o.b. value of the export trade; a further $51.6 million for the value of the recorded net exports of gold, this metal being used in this country merely as a commodity; and, probably, by a large proportion of the suspiciously regarded exports of gold from Hongkong, valued for the year under comment at Hongkong $69.9 million (the colony records imports of gold amounting to only $13.7 million from countries other than China, and none from China itself).

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DIRECTION OF TRADE

The following table shows the direction of China's foreign trade for 1933 and 1934 and her 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)

NET IMPORTS.

NET EXPORTS

COUNTRY.

1933.

St. $ per cent. St. $

1934.

1933.

1934.

1934.

Excess of

Australia

Belgium

85,726 6.37 28,204 2.10

per cent. St. $

10,958 1.07

1,612

per cent. St.$ percent Imports. Exports.. 1,426 0.24

0.30

26,007

2.53

4,2020.68

5,210

·0.97

9,346 20,797

Luxemburg

Canada

3,047 0.23

2,944

0.29

2,944

British India

72,206

5.37

43,254

4.20

28,822 4.71

22,159

4.14

21,095

23,735 1.76

.19,272

1.87.

4,067 0.66

3,543

0.66

15,729

Cuba

50

162

0.02

68

0.01

82

0.02

-80

Denmark

703 0.05

'1,473

0.14

2,182

0.36

3,071

0.57

Formosa

2,338 0.17

2,595

0.25

3,471

0.57

3,379

0.63

1,598

784

France

23,595 1.76

22,324 2.17

32,213

5.27

21,142

3.95 1,182

French Indo-China

75,254 5.59

41,456 4.03

3,992

0.65

4,756

0.89

36,700

Germany

107,653 8.00

93,200 9.05 20,783

3.40

19,158 3.58

74,042

Great Britain

153,557 11.41

124,513

12.09. 48,723

7.96

49,776

9.30

74,787

Hongkong

Italy

44,174 3.28 16,569 1.23

23,215

2.25 120,729

19.73

100,688

18.81

77,473

12,457

1.21

5,154

0.84

6,752 1.26

5,705

Japan

180,798 9.72

126,338 12.27

95,800

15.66

81,231

15.18

45,107

Korea

1,395 0.10

2,406

0.23

17,641

2.88

15,687 2.93

13,281

Macao

2,141, 0.16

525

0.05

4,012

0.65

3,590 0.67

3,065

Netherlands

10,674

0.79.

7,677

0.75

12,167

1.99

14,699 2.75

7,022

Netherland India

79,222

5,89

63,414

6.16

7,382

.1.21

New Zealand

303

0.02

246 0.02

348

0.06

7,042 1.32 467 0.09

56,372

221

Norway

6,101

0.46

4,980

0.48

331

0.05

758

Philippine Islands

0.14 4,222.

4,058

0.30

4,918 .0.48

5,444

0.89

5,104

0.95

186

Siam

61,992

4.61

S.S. & F.M.S.

32,880 3.19

5,823

0.95

4,550

0 85

28,330

14,209

1.06.

11,326

1.10

13,632

2.23

15,464

2.89

4,138

Sweden

Switzerland

12,430 0.92 11,536 0.86

U.S.A.

296,101 22.01

U.S.S.R.. (Russia) Other Countries

8,770 0.85 5,757 271,285 26.35 21,935 1.63

8,529 0.83 55,861 4.15 56,784 5.51

342

.0.05

794

0.15

7,976

0.56

291

0.05

302

0.06

5,455

113,065

18.48

94,313

17.62

176,972

5,911

0.97

5,640 1.05

2,889

53,771

8.79

44,245

8.27

12,539

Total

1,345,567 100.00 1,029,665 100.00 611,828 100,00

535,214 100.00

494,451