Abstract
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%.
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