Directory_and_Chronicle_1937 — Page 381

CHINA

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to the worst adverse balance of trade ever recorded, namely that of the year 1931, which was $1,087 million, and to note that the successive annual reduc- tions of $132 million, $222 million, $238 million, and $152 million which have taken place since. It is thus seen that, though the total value of trade has suffered, China has reduced the adverse balance of payments in her merchandise account by nearly 70 per cent. in the four years since 1931. These successive reductions are the more welcome as, over the same period, there has been a decline in China's invisible exports in the form of remittances from overseas Chinese and foreign investment, not to mention the loss of the favour- able balance enjoyed prior to 1933 on Manchurian export account. As was, pointed out, the adverse balance of trade amounting to $343 million, may be reduced by the following amounts: $20.7 million of export duty, which should'. be added to the outward statisties to obtain the true f.o.b. value of the export trade; $38.7 million net of gold shipped as a commodity. and by $67.5 million of silver similarly shipped after notes became legal tender. While, therefore, the shrinkage in the total value of trade presents an adverse, yet regarding world trade as a whole not an isolated, feature, the reduction in the adverse balance gives cause for some satisfaction, particularly in the upwards trend of exports noticeable during the latter half of 1935. Moreover, in comparing the volume of trade from 1932 onwards with that of previous years, the loss of Manchurian trade, valued annually at close upon $790 million, must not be overlooked, more especially as on the trade between Manchuria and foreign countries. China enjoyed a favourable balance on export account of approxi- mately $190 million, these figures being based on the three-year period of 1929 to 1931. Unless, therefore, the improvement in China's exports be maintained both by a recovery in rural economy and industry and by a willingness on the part of other countries to ameliorate tariff restrictions and purchase freely from China, no great improvement in the import trade can be anticipated.

DIRECTION OF TRADE

The following table shows the direction of China's foreign trade, for 1934 and 1935 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

1935.

COUNTRY.

1934. St. $ per cent. St. $

1935.

Australia

10,958

1.07

37,039

4.03

Belgium

26,007

2.53

18,476

2.01

1934.

per cent. St. $

per cent.

1,612 0.30 5,210 0.97

1935.

St. $

2,458

Excess of

per cent. Imports. Exports.

0.43 34,580

5,552

0.96

12,924

Luxemburg

2,944

0.29

1,402 0,15

1,402

British India

43,254

4.20

35,470

3.86

22,159

4.14

20,328

3.53

15,142

Canada

19,272

1.87

20,413

2.22

3,543

0.66

4,198

0.73

16,215

Cuba

162

0.02

146

0.02

82

0.02

570

0.10

424

Denmark

1,473

0.14

775

0.08

3,071

0,57

2,817

0.49

2,042

Formosa

2,595

0.25

4,718

0,51

3,379

0.63

3,089

0.54

1,629

France

22,324 2.17

13,336

1.45

21,142 3.95

29,243

5.08

15,907

French Indo-China

4.03 41,456

59,648 6.49

4,756 0.89

5,643

0.98

54,005

Germany

93,200

9.05

Great Britain

124,513

12.09

103,184 98,070

11.22

19,158 3.58

28,926

5.02

74,258

10.67

49,776 9.30

49,458

8.59

· 48,612

Hongkong

23, 215

2.25

16,816 1,83

100,688

18.81

94,502

16.41

77,686

Italy

12,457

1.21

12,903

1.40

6,752

1.26

7,665

1.33

5,238

Japan

126,338

12.27

139,320

15,16

81,231

15.18

82,074

.14.25 57,273

Korea

2,406

-0.23

2,738

0.30

15,687

2.93

11,564

2.01

8,826

Macao

525

0.05

774 0.08

3,590

0.67

3,347

0.58

2,573

Netherlands

7,677

0.75

4,509

0.49

14,699

2.75 15,257

2.65

10,742

Netherland India

63,414

6.16

58,345

6.35

7,042

1.32

4,987

0.87

53,358

New Zealand

246

0.02

142

0.02

467 0.09

344

0.06

202

Norway

4,980

0.48

4,859

0.53

758 0,14

605

0.11

4,254

Philippine Islands..

4,918 0.48

4,829

0.53

5,104

0.95

4,805

0.83

*24

Siam

.32,880

3.19

27,162

2.96

4,550 0.85

3,603

0.63

23,559

S.S. & F.M.S.

11,326

1.10

10,245

1.11

15,464

2.89

:

12,896 2.23

Sweden

2,651

8,770, 0.85

8,576

0.93

794

0.15

1.411

.!

0.25

7,165

Switzerland..

5,757 0.56

5,059

0.55

302

:

0.06

292

0.04

4,767

U.S.A.

271,285 26.35

174,678

19.00

94,311

17.62

136,394

23.69

U.S.S.R. (Russia);

38,284

Other Countries

Total

8,529 0.93 56,784 5.51

1,029,665 100,00

7,687 0.84 47,893

5.21

919,211 100.00 535,214 100.00

5,640 1.05 44,245 8.27

4,239 0.74 39,575 6.87.

3,448

8,318

575,809 100.00 343,402