ENG-1952 — Page 85

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COMMERCE

The serious decline in the external trade of the Colony noted in the latter part of 1951, continued throughout the year 1952, and in terms of both value and volume the past year's import and export totals reflect the depressing effect of world economic and political conditions. All exports to North Korea have been prohibited since 8th July, 1950, and restrictions on the movement of strategic goods to China which necessitated stringent import and export controls, re- mained in force during 1952. These restrictions have been one of the main factors in reducing the trade of the Colony to its present level but the continued short- ages of certain commodities, and import and export restrictions imposed by other countries have been con- tributory causes.

The total value of imports and exports of merchandise was reduced from $9,303 million in 1951, to $6.678 million in 1952, a fall of 28%, while the tonnage of commercial cargoes declined by 13.2% from 5,845,486 tons in 1951, to 5,074,674 tons in 1952. The value of exports represented 43% of the value of total trade in 1952, as compared with 48% in 1951. There was, however, a considerable increase in the value of exports in the period July to December, 1952, as com- pared with January to June, the totals being $1,310 million for the first six months and $1,589 million for the second half of the year. The value of imports also increased in the second half of the year, but to a lesser extent. The trend of trade by value and by volume from January, 1950, to December, 1952, is illustrated in the diagrams facing pages 54 and 55.

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