§ 31. Mr. Watkinsonasked the President of the Board of Trade what is the percentage increase by volume of exports to dollar areas since devaluation; and how the nett receipts in dollars for such exports compare with the equivalent period in 1948–49.
Mr. H. WilsonI regret that the information is not available in the form requested. The recorded sterling value of United Kingdom exports to the dollar 552 area in the five months following devaluation was 41 per cent. above the average for the third quarter of last year and 19 per cent. above the average for the corresponding five months of 1948–49. While figures are not available to show the volume of exports to the dollar area, it is clear that there has been a considerable increase in volume since devaluation.
In answer to the second part of the Question, in terms of United States dollars, recorded exports to the dollar area averaged 48.2 million dollars in the five months October, 1949, to February, 1950, compared with 58.2 million dollars in the corresponding period of 1948–49.
§ Mr. WatkinsonIs the right hon. Gentleman satisfied with the result, which appears to me to indicate we are exporting a far greater volume for a far less return?
Mr. WilsonI am not yet satisfied. It is clear that, following devaluation, the great slump that was occurring in British exports to the United States has been held, but we want to see a very much larger increase than we are getting at present.