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33
postwar period have undoubtedly contributed
(3) Balance of Payments.
to the concentration of North African trade
Each of the three countries has always
within the franc area.
shown a deficit in the balance of payments on
Prewar trade with the United States was
current account (which in addition to com-
negligible, and exports have never assumed
modities trade includes the invisible items of
significant proportions. Imports, on the other
profit remittances, bank charges, shipping
hand, increased spectacularly after the war to
costs, interest on investments, loans and the
satisfy deferred requirements for manufac-
public debt, and tourist payments), made pos-
tured goods, the US accounting for about a
sible by contributions from the French budget,
fourth of each area's total imports in 1946.
by loans guaranteed by the French Govern-
Shortage of dollar exchange and the increased
ment, and by private investment from France.
availability of capital and consumer goods
The deficit increased during the latter part of
from France caused a falling off of imports
World War II with heavy importing for the
from the dollar area in 1947 and 1948. In
military occupation and with decreased ex-
1948, however, the value of US exports to
porting caused by droughts and war disrup-
French North Africa was $72 million, or al-
tions. In the postwar years the deficit has
most seven times the value of US imports
grown rapidly.
from French North Africa. Machinery and
Complete figures for the international pay-
steel mill products accounted for 40 percent
ments situation of French North Africa are
of the total, grain (to Algeria) 21 percent, coal
not available. Trade in commodities accounts
and petroleum 16 percent, and textiles
form the greatest part of the deficit. The
(chiefly cotton fabrics) 7 percent. US imports
next most important item of foreign exchange
from French North Africa amounting to $10.7
expenditure is interest payments on invest-
million consisted of olive oil (principally from
ments and loans. Tourism is also a net for-
Morocco) 35 percent; iron ore (mainly from
eign exchange expenditure, for the money
Algeria) 23 percent; cork (about two-thirds
spent by wealthy natives who periodically de-
from Algeria) 17 percent. Although most of
part for cooler lands is not entirely offset by
the North African iron ore went to the UK,
foreign tourists. Other negative balances are
French North Africa exported to the US
shipping charges, primarily to France, and
470,272 long tons, or 7.7 percent of US total
premiums to France for several kinds of in-
imports of iron ore in 1948. North African
surance, to the US for fire, to Switzerland for
cork accounted for 15 percent of the total
accident, and to the UK for marine insurance.
value of US imports of cork in 1948. Efforts
The only net receipt of foreign exchange on
are being made under the ECA program to in-
current account in French North Africa is a
crease exports to the US and to curb dollar
negligible one, wages sent home by the 100,000
imports, SO that by 1952 the area hopes to
Algerians and the Moroccans working in
balance its dollar account.
France.
French North African trade with the UK
A reduction in inflow of foreign exchange
has traditionally provided the French Union
during recent years has been caused by de-
with net earnings of sterling. In 1947, for
creased exports as a result of grain and olive
example, the UK was the market for 12 per-
crop failures brought on by the drought years
cent of Tunisia's exports, 7 percent of Moroc-
of 1943 through 1945, and by postwar infla-
co's exports and 4 percent of Algeria's exports.
tionary forces which have raised prices of ex-
Phosphate rock from Morocco and Tunisia ac-
port products above world market prices. In
counted for 88 percent of the UK's imports of
addition to a reduction in foreign exchange
phosphate from all sources in 1947 and 1948.
income, the deficit has been enlarged by ex-
North African iron ore exports to the UK were
traordinary expenditures on imports used in
of even greater value and represented 25 per-
reconstruction and by higher world prices
cent of the UK's total iron ore imports for
(which affect adversely all countries with an
1947 and 1948.
import surplus).
ECRET
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"ocrText": "SECRET\n33\npostwar period have undoubtedly contributed\n(3) Balance of Payments.\nto the concentration of North African trade\nEach of the three countries has always\nwithin the franc area.\nshown a deficit in the balance of payments on\nPrewar trade with the United States was\ncurrent account (which in addition to com-\nnegligible, and exports have never assumed\nmodities trade includes the invisible items of\nsignificant proportions. Imports, on the other\nprofit remittances, bank charges, shipping\nhand, increased spectacularly after the war to\ncosts, interest on investments, loans and the\nsatisfy deferred requirements for manufac-\npublic debt, and tourist payments), made pos-\ntured goods, the US accounting for about a\nsible by contributions from the French budget,\nfourth of each area's total imports in 1946.\nby loans guaranteed by the French Govern-\nShortage of dollar exchange and the increased\nment, and by private investment from France.\navailability of capital and consumer goods\nThe deficit increased during the latter part of\nfrom France caused a falling off of imports\nWorld War II with heavy importing for the\nfrom the dollar area in 1947 and 1948. In\nmilitary occupation and with decreased ex-\n1948, however, the value of US exports to\nporting caused by droughts and war disrup-\nFrench North Africa was $72 million, or al-\ntions. In the postwar years the deficit has\nmost seven times the value of US imports\ngrown rapidly.\nfrom French North Africa. Machinery and\nComplete figures for the international pay-\nsteel mill products accounted for 40 percent\nments situation of French North Africa are\nof the total, grain (to Algeria) 21 percent, coal\nnot available. Trade in commodities accounts\nand petroleum 16 percent, and textiles\nform the greatest part of the deficit. The\n(chiefly cotton fabrics) 7 percent. US imports\nnext most important item of foreign exchange\nfrom French North Africa amounting to $10.7\nexpenditure is interest payments on invest-\nmillion consisted of olive oil (principally from\nments and loans. Tourism is also a net for-\nMorocco) 35 percent; iron ore (mainly from\neign exchange expenditure, for the money\nAlgeria) 23 percent; cork (about two-thirds\nspent by wealthy natives who periodically de-\nfrom Algeria) 17 percent. Although most of\npart for cooler lands is not entirely offset by\nthe North African iron ore went to the UK,\nforeign tourists. Other negative balances are\nFrench North Africa exported to the US\nshipping charges, primarily to France, and\n470,272 long tons, or 7.7 percent of US total\npremiums to France for several kinds of in-\nimports of iron ore in 1948. North African\nsurance, to the US for fire, to Switzerland for\ncork accounted for 15 percent of the total\naccident, and to the UK for marine insurance.\nvalue of US imports of cork in 1948. Efforts\nThe only net receipt of foreign exchange on\nare being made under the ECA program to in-\ncurrent account in French North Africa is a\ncrease exports to the US and to curb dollar\nnegligible one, wages sent home by the 100,000\nimports, SO that by 1952 the area hopes to\nAlgerians and the Moroccans working in\nbalance its dollar account.\nFrance.\nFrench North African trade with the UK\nA reduction in inflow of foreign exchange\nhas traditionally provided the French Union\nduring recent years has been caused by de-\nwith net earnings of sterling. In 1947, for\ncreased exports as a result of grain and olive\nexample, the UK was the market for 12 per-\ncrop failures brought on by the drought years\ncent of Tunisia's exports, 7 percent of Moroc-\nof 1943 through 1945, and by postwar infla-\nco's exports and 4 percent of Algeria's exports.\ntionary forces which have raised prices of ex-\nPhosphate rock from Morocco and Tunisia ac-\nport products above world market prices. In\ncounted for 88 percent of the UK's imports of\naddition to a reduction in foreign exchange\nphosphate from all sources in 1947 and 1948.\nincome, the deficit has been enlarged by ex-\nNorth African iron ore exports to the UK were\ntraordinary expenditures on imports used in\nof even greater value and represented 25 per-\nreconstruction and by higher world prices\ncent of the UK's total iron ore imports for\n(which affect adversely all countries with an\n1947 and 1948.\nimport surplus).\nECRET"
}