The trade returns for January show a heavy fall in
imports, a decline in exports, and a great reduction in the re-exports which form so profitable a part of our trade. The imports, valued at £117,050,000, were less by £25,734,000 than in December, and less by £66,292,000 than in January, 1920. The exports, valued at £92,756,000, were less by £3,874,000 than in December, and less by £13,123,000 than a year ago. The re- exports, valued at £9,995,000, showed a fall of £2,703,937 as compared with December, and of £15,509,000 as compared with January, 1920. The figures illustrate the impoverishment of our European customers. The fall in wholesale prices, which is painfully slow to affect retail prices, accounts in part for the decline in import and export values. But the inability of the peoples of Central and Eastern Europe to pay for the goods which they need is the main cause of the reduction of trade.
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