HC Deb 28 April 1953 vol 514 c1944
25. Mr. Lee

asked the President of the Board of Trade the volume and value of our engineering and shipbuilding exports in 1951; by how much did we benefit from the improved terms of trade for comparable exports in 1952; and if he can give an estimate of the degree to which our balance of payments would suffer by a return to the 1951 terms of trade on our present volume of exports of these products.

Mr. Mackeson

As the answer contains a number of figures, I will, with the hon. Member's permission, circulate it in the OFFICIAL REPORT.

Mr. Lee

Will the hon. Gentleman agree that during the first four months of this year there has been a certain worsening in the prices which we can obtain for engineering exports? If that continues, will it not have a most adverse effect on our balance of payments? What is the estimate of the Treasury and the Board of Trade for the rest of the year?

Mr. Mackeson

Perhaps the hon. Gentleman will look at the figures for which he has asked. They are fairly complicated.

Following are the figures: The value of United Kingdom exports of engineering products (including ships) in 1951 was £969 million and the volume was about 4 per cent. higher than in 1950. If export prices of engineering goods had been the same in 1952 as in 1951 the value of the engineering products exported in 1952, which was £1,046 million, would have been about £100 million lower. The annual rate of export in the first quarter of 1953, was £994 million; at 1951 prices this would have been reduced by rather more than £100 million on a trade account basis. No estimate is available of the effect on the balance of payments. These estimates are based on the assumption that the volume of exports would have remained unchanged at the lower prices.