Directory_and_Chronicle_1938 — Page 403

CHINA

A5

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value of the export trade, and by $40 million net of gold shipped abroad as a commodity, without taking into consideration the shipment, notes having become the only legal tender of $249 million of silver since the first January 1936. That the result for the year is more satisfactory than was at one time anticipated can be ascribed to the Government's monetary reforms of No- ! vember 1935, to the improved position in regard to smuggling consequent on the preventive measures adopted, and to enhance exports. The satisfactory position of China's merchandise account permits optimism as regards the future, and, though the decline in the net gold value of imports from G.U. 501 million to G.U. 416 million is not a wholly welcome feature, there is reason to believe that the increase in the export trade will in due course have a beneficial effect on the import into China of those capital goods which are essential to future development. Moreover, now that World depression 'is showing signs of lifting, the benefits of general economic recovery should, provided no complications arise in her international relations, be fully shared by China.

DIRECTION OF TRADE

The following table shows the diretion of China's foreign trade for 1935 and 1936 and ber 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)

1

NET IMPORTS.

NET EXPORT A

COUNTRY.

1935.

St. $ per cent!

1036.

St. 8 per cent.

1935.

1936.

1936. Excess of

St. $

per cent. St. $ percent. Imports. Exports,

Austr dia

37,03%

4.03

15,988

1.70

2,458

0.43

'Belgium

18,476 2.01

6,081 0186 9,907

26,003

2.76

5,552

0.95

6,322

0.90

19,681

Luxemburg

1,402

0.15

1,717

0.18

1,717

British India

35,470

3.86

21,712

2.63

20,328 3.53

18,685

2.65

6,027

Canada

20,413

2.22

19,782

2.10

4,198 0.73

5,270

0.75

14,512

Cuba

146

0.02

.20

570

0.10

115

0.02

95

Denmark

775

0.08

2,339

0.25

2,817

0.49

3,665

0.52

1,326

Formosa

4,718

0.51

3,248

0.34

3,089

0.54

4,846

0.69

France

1,598

13,336

1.45

18,311

1.94

29,213

5.08

30,388

4,31

French Indo-China

12,077

59,648 6.49

17,922 1.90

5,613

0.98

9,891

1.40

8,031

Germany

103,184

11.22

150,051

15.94 28,926

5.02

39,173

5.55

Great Britain

110,878

98,070

10.67

10,332 11.72

49,458

8.59

64,892

9.19

Hongkong

45,450

Italy

16,816 1.83 12,903

16,554

1.76

94,50%

16.41

105,979

15:02

89,425

1.40

12,200

1,30

7,605

1.33

3,389

. 0.48

8,811

Japan

139,820

15.16

153,369

16.29

82,074

14.25

101,947

14,45

Korea

51,422

2,738

0,30

2,931

0.31

11,564

2.01

9,740

1.38

Macao

6,809

774

0.08

745

0.08

3,347 0.58

3,277

0.46

Netherlands

2,532

4,509

0.49

4,763

0.51

15,257 2.65

16,546

2.34

Netherlands India.

68,345

6.35

74,359

7.90

New Zealand

4,987 0.87

11,783

4,733

0.67 69,626

142

0.02

340 0.04

344

0.06

497 0.07

Norway

157

4,859

0.53

2,862 0.30

605

0.11

1.163

Philippine Islands..

0.16.

4,829 0.53

3,949 0.42

,1,699

4,805

9.83

6,101

0.86

Siam

27,162 2.96

2,152

18,852 2.00

3,603

0.63

4,050

S.S. & F.M.S.

10,245 1.11

10,761 1.14

12,896

2.23

0.57 6,14,802

15,644

2,22

Sweden

Switzerland

8,576 0.93 5,059 0.55

4,883

6,501 0.69

1,411

0.25

1,993

6,312 0.67

0,28 4,508

292

0.04

243

0.03

U.S. A.

174,678

19.00

185,134 19.66

6,069

136,394

23.69

86,320

26.40

U.S.S.R. (Russia)

1,196

Other Countries

7,687

0.84 47,893 5:21

1,221 0.13 .50,266 5.31

919,211 100.00 941,544 100,00

4,239 39,575 6.97

675,809 100,00

0.74

4,210

0.60

2,989

50,591

7.17

325

705,741 100.00 || 235,803

Total

Individually, the order of importance of the various countries for the year 1936 is found to be the United States of America, Japan, Germany and Great Britain, with respective aggregate totals for their imports and exports. of $371 million, $255 million, $189 million and $175 million. In percentages the order in the case of imports is the United States of America, 19.7 per. cent., Japan, 16.3 per cent.; Germany, 15.9 per cent.; and Great Britain, 11.7 per cent.; and, in the case of exports, the United States of America, 26.4 per cent.; Japan, 14.4 per cent.; Great Britain, 9.2 per cent.; and Germany, 5.5 per cent. The percentage of the export trade attributed to Hong

Kong. was 15 per cent. As has been pointed out in former reports, the introduction of the consular invoice systém eliminated to a very large extent the difficulty in determining the countries of origin in the case of imports; in view of the

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