HC Deb 23 April 1963 vol 676 cc19-20
27. Mr. Rankin

asked the President of the Board of Trade what was the adverse balance of trade with Venezuela for 1958 to 1962.

Mr. Green

This information is available from Account IV of the appropriate issues of the Trade and Navigation Accounts which is a document returned to the Order of this House.

Mr. Rankin

Is the Minister aware that from those Accounts it appears that we have been running a large adverse balance with Venezuela for quite a number of years and that last year it amounted to £57 million? Does he believe that this helps exports? Can he say why he finds it so easy to provide sterling for Venezuela and yet so difficult to provide sterling for State-trading countries which would help our exports?

Mr. Green

Perhaps I might put it this way: one should not look at these figures in too crude terms. Nearly nine-tenths of our imports from Venezuela consist of oil owned by international companies in which there is a substantial British participation. That is point number one. Secondly, we do not aim to balance our trade with individual countries on a bilateral basis. We seek to achieve a satisfactory position in our overall trade.

Mr. Rankin

Is it not crude petrol that the Minister is getting from Venezuela, and why does he draw the line there?

Mr. Green

I was not aware that I was drawing the line particularly with Venezuela.