HC Deb 03 July 1962 vol 662 cc260-2
17. Mr. Nabarro

asked the President of the Board of Trade what increase in United Kingdom export trade, what diminution of United Kingdom imports, and what measure of overall improvement in United Kingdom balance of payments occurred in the period 25th July, 1961, to 24th June, 1962, namely, the first 11 months of special terms and provisions of Government economic, financial and fiscal policy; and whether he will now make a statement as to United Kingdom exports prospects.

Sir K. Joseph

I am circulating tables in the OFFICIAL REPORT giving the latest published figures. Broadly, they show that there was little change in exports between the first and second halves of 1961 but that since the beginning of this year they have been rising; that imports declined between the two halves of 1961 but there has been some increase this year; and that there has been a marked improvement in the balance of payments since the middle of 1961. Provided world trading conditions do not deteriorate, my right hon. Friend expects exports to go on rising in the rest of this year.

Mr. Nabarro

Having regard to the fact that exports from the United Kingdom to the Common Market countries have increased in the last year by approximately 20 per cent., whereas the overall increase in United Kingdom exports is only marginal— some 3 or 4 per cent.— can my hon. Friend say where British exports have suffered their major decline and if that decline was manifest in the Commonwealth countries?

TABLE1
UNITED KINGDOM TRADE
(Seasonally adjusted monthly averages)
(£m)
— January-June 1961 July-December 1962 January-May 1962 March-May1962
Imports … 373 360 368 365
United Kingdom Exports … 307 307 310 314
Re-exports … 13 14 13 13
Total Exports … 320 321 323 327
Sir K. Joseph

During the last half of last year the fairly steep rise in our exports to Europe, the Far East and other parts of the world tended to be offset, to some extent, by falls in our exports to parts of the Commonwealth and the primary producing countries, but since the beginning of this year many of the Commonwealth countries have been able to buy more from us. At the moment, the generally rising trend is offset principally in Canada and in India, where there have been falls in our exports, and, of course, present conditions in the United States must make us pause before predicting rising exports in that market at the moment.

Mr. Fell

Can my right hon. Friend say how much greater the rise in our exports to the Commonwealth would have been had we been spending the last two or three years in concentration on trying to get some financial policy for the Commonwealth, rather than messing about in Europe?

Sir K. Joseph

I think my hon. Friend fails to estimate or to value fully the really great efforts of our industries as a whole to export to the major trading markets of the world simultaneously. Very great efforts have been put into our trade with Europe and the Commonwealth, as well as into other markets.

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