The following table gives the value fof the foreign trade of China for the years 1993, 1934, and 1935, Figures For the years prior to 193° included Manchurian trade with abroad.
1s03, 1004, 1805, Million Million Mullion Not Imports 1451490919 Exports Tot 197180 A
Excess of The downward trend in the value of China's trade gives cause for some anxiety, the total value of foreign trade showing a further decline of $70 million, or 45 per cent., as compared with the previous year's figures. The value of the import trade declined by a further $111 million, or 108 per cent, but there is a satisfactory in crease of $41 million, or 7.7 per cent the value of the export trade. The adverse balance was further reduced, amounting to $343 million, or $152 million less than the previous year. Enough has been writen in the in traduetory paragraphs of this report to show that the causes for this general decline ju trade are not alone inherent in the Chinese situation. On the contrary, considering the many adverse outside influences from which China has suffered, more unfavourable, results might have been anticipated.
Furthermore, in lamenting—the decline in the Value of China's foreign trade, it should not be overlooked that the value of world trade is relatively in no better state, being estimated for the year 1995 at 35 per cent, only of that for the year 1929—the last pre-depression year in most countries,—whereas the totat_ value of China's foreign trade for 1935 stilt represents 58 per cent. of the figure recorded for 1929, determining China's adverse balance of out-payments in her trade account during recent years it is of interest to refer, to the worst adverse balance of trade ever recorded, namely that of the year 1931, which was $1,087 million, and to note the successive annual reductions of $132 million, $222 million, $238 million, and $152 million which have taken place ssineo. 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 3s, over the same period, there ties been a decline in China's invisible exports in the form of, remittances from overseas. Chinese and foreign investment, not to mention the ess of the favourable balance enjoyed prior to 1933 on Manchurian export account.
Adverse Balance Reduced 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 statistics to obtain the true fo.b. value fof the export trade; $28.7 million net of gold shipped as a commodity; and by $675 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 fas a whole not an isolated, feature, the reduction in the adverse balance gives cause for some satisfaction, partijeularly in the upward 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 fat close upon $790 million, must not bbe overlooked, more especially as on the trade between Manchuria and foreign countries China enjoyed a favourable balance on export account of approximately $190 million, these figures being based on the three-year period 1929 to 1991. Unless, therefore, the improvement in China's exports be infamed both by a recovery in rural economy and industry and by willingness on the part of other countries to ameliorate tariff restrictions and purchase freely from China, great improvement in the import trade can be anticipated.
In regard to the direction of trade, taking the various countries individually, the order of importance is found to' be the United States of America, Japan, Great Britain, and
Text read from the printed page and cleaned; old type leaves the occasional error.