§ 11. Mr. Edelmanasked the President of the Board of Trade whether his attention has been drawn to the high rate of imports in May, compared with that of exports; and whether, in view of the inflationary danger arising from this, he will take suitable measures to harmonise the relative rate of increase in a manner more consistent with the national interest.
§ Mr. Walker-SmithYes, Sir. Some increase in imports was to be expected with signs of rising activity in industry and the recent recovery in oil imports. We shall continue to watch developments closely.
§ Mr. EdelmanDespite the right hon. and learned Gentleman's reply, is he aware that whereas exports have increased by only 6 per cent. in the last two months compared with the previous year, imports have increased by 11 per cent.? Is he aware of the trade gap of approximately £60 million, and are not these very dangerous signs of which he should take notice?
§ Mr. Walker-SmithThe facts are that exports this year are 4 per cent. higher so far, following on a 6 per cent. increase last year. These are volume figures. Imports so far this year are also 4 per cent. higher, following upon a period of stability last year. We are, of course, keeping an eye on these figures, but I would not read into them necessarily all that the hon. Member invites me to do.