During 1937 and 1938 India's exports to Germany fell substantially, while German exports to India increased. In consequence Germany was able to reduce, in its trade with India, an adverse balance of 402,700,- 000 Reichsmarks in 1929 to one of 35,000,000 in 1938, For the first quarter of 1939. the balance of trade turned in favour of Germany by a small margin, which increased in Apri Mr, Patel reports that while industrial activity in the countries of Northern Europe continued to expand, the foreign trade of some of the countries was contracting, and the contraction in imports from India was severe. Many of the Continental countries were in great need of the commodities produced by India: the difficulty was not in selling to these countries, but in arranging for payment in a form acceptable to the seller.
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