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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 3, 1974, Lethbridge, Alberta 28 THE LETHBRIDQE HERALD Thursday, October 3, 1974 Japan, Canada trade partnership growing By DAVE BLAIKIE Third of a scries TOKYO (CP) Japan and Canada have become major trading partners over the last 20 years and there is every in- dication the trend will grow despite uncertain world economic conditions. While beset by serious domestic economic problems and record trade deficits, Japanese government and business officials expect steadily increasing trade with Canada. "We'd like to build a close and intimate Prime Minister Kakuei Tanaka told visiting Canadian reporters before leaving for Canada to hold talks with Prime Minister Trudeau. "Canada may be able to live without Japan. But it is not the case with us. Japan needs Canada." Since 1953, when Canadian- Japanese trade volume totall- ed only million, growth has been dramatic. The volume reached billion in 1973 and may top billion this year. Japan became Canada's second-most important trading partner in 1973-behind the United States 1.4 1.2 .8- .6 -Canada-Japan Trade 1 Billion 1970 1971 1972 1973 1974 Dramatic growth exports mostly raw materials. B.C. gas exports up SALEM, Ore. (AP) Natural gas imports from British Columbia to the Pacific northwest may equal or exceed shipments of last year, James Rhodes, chairman of the British Columbia Petroleum Corp., said Tuesday. Rhodes said B.C. is reduc- ing its own use of gas to export more to the United States. "Your situation will be no worse and possibly better than it was a year he. said. "This should be your worst winter. Things will be appreciably improved in 1975 and 1976." He was in Salem to confer with Gov. Tom McCall. and ahead.of Britain. Canada is Japan's fourthmost impor- tant trading partner. Canada has a whopping bal- ance-of-trade advantage with Japan. Canadian exports to Japan last year totalled billion compared with about billion in Japanese sales to ratio of nearly two to one. Hutl Canadian officials say the figures give a distorted picture. More than 98 per cent of to Japan were raw or semi-processed materials which do not create many Canadian jobs. Japanese exports were more than 70 per cent finished products. Canada is anxious to process more resources before a goal emphasized heavily in of- ficial Japanese-Canadian talks. The flow of trade goods be- tween Japan and Canada dem- onstrates Japan's heavy de- pendence on Taw materials from abroad. Copper, ore and con- centrates made up the largest single trade item in 1973. Japanese purchases totalled million. Wheat, coal, lumber and rapeseed were next, followed by pulp, barley, zinc, nickel and pork. CARS POPULAR Automobiles topped the list of Japanese exports to million. Sheet metal, motorbikes, television sets, stereo players, electronic products and business machines were the next most important items. Japan complains little about the trade imbalance with Can- ada, despite economic woes including the highest inflation rate of any industrialized country, record trade deficits and zero economic growth. "The gap is not too large to live said Kunihiko Saito, a North American af- fairs specialist with the Japanese foreign ministry. "It would have to widen sub- stantially for Japan to worry." The attitude reflects Japan's critical dependence on outside resources. It also underlines Japanese hopes that domestic belt-tightening and economic ingenuity will turn trade deficits around and restore the unparalleled vitality that brought Japan world envy in the years after tA3 Second World War. CANADIAN Treat yourself to the rich golden smoothness of 1878. viEACHI RYE WHISKY Blended smooth Aged smooth Priced smooth. 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