The Trade Returns for 1920 compared well with those for
1919. British exports increased by 67 per cent. to £1,335,569,000, and re-exports of foreign and colonial produce by 35 per cent. to £222,406,000. The imports increased by 19 per cent to £1,936,742,000. The adverse trade balance—that is, the nominal excess of imports over exports—was £378,000,000 as compared with £662,000,000 in the previous year, and was doubtless fully covered by our " invisible exports " in the form of profits on shipping, marine insurance, and the like. The December figares,
however, showed the effect of the depression in trade. British exports declined in value by 19 per cent., as compared with the exports in November, to £96,630,000, and re-exports by 3 per cent. to £12,699,000, while the imports, valued at1142,785,000, were less by 1 per cent. Our exports have declined because our European customers are too poor to buy our goods. The loss of part of our export trade is the main cause of the prevailing =employment.
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