The Terms of Trade between the United Kingdom and British India, 1858-1947

Dennis R Appleyard

Economic Development and Cultural Change, 2006, vol. 54, issue 3, 635-54

Abstract: The commodity terms of trade of the United Kingdom with British India for 1858-1947 are calculated. Unit value indexes for a sample containing over three-quarters of UK/India trade indicate a slight improvement for the United Kingdom from 1858 to 1917. This improvement was likely attributable to falling transport costs for British imports and was therefore not associated with a decline in India's terms of trade with Britain. For 1917-47, there was substantial UK terms-of-trade improvement, a rise not due solely to declining transport costs and which, ceteris paribus, thus implied that India's terms of trade with the United Kingdom deteriorated. The 1917-47 UK improvement brought the amount of increase for the whole 1858-1947 period to an annual average of almost 1%.

Date: 2006
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