ABSTRACT
The foreign trade of Indo-China was on a small scale before the French occupation and remained relatively unimportant until the end of last century. Since this time, with the exception of the periods 1914-18 and 1929-34, it has steadily increased following the MillIons of piastres 300 -----
development of agriculture, industry and means of communication. Fig. 116 indicates this growth in terms of value. Until 1906, imports exceeded exports, since vast quantities of materials were required for the development schemes introduced by Paul Doumer. Although these imported materials continued to be needed in large quantities after 1906 they took a relatively less important place and the balance of trade became favourable. Exports have continued to exceed
imports, apart from the years 1923 and 1931-2, the time of the world economic depression. The variation in trade prosperity during the last twelve years is further demonstrated in the following table giving the index volume of exports and imports, which serves to eliminate the variable factor of price level. The indices of volume, which are based on 1925 (= 100), show a rapid fall between 1929 and 193 2, followed by an equally swift recovery.
