UN General Assembly
1952

96. My country’s experience over the past year, primarily in regard to rubber, has again borne out the truth of the well recognized truism that producers of raw-materials are the most susceptible to world market fluctuations. The impact of recent developments in the world pattern of trade and prices was evident in the sharply reduced volume and value of our exports. This adverse turn of our trade balance has directly influenced our import possibilities. The consequent loss of foreign exchange proceeds has even forced us this year to suspend some development projects for which we could no longer purchase the capital equipment so vital to their undertaking. The consumer’s section was likewise severely affected. In order to protect our balance of payments, my Government had to curtail drastically the import of many consumer goods.