HC Deb 08 December 1966 vol 737 cc1565-6
Q2. Mr. William Price

asked the Prime Minister whether he is satisfied with the progress made in closing the trade gap; and if he will make a statement.

The Prime Minister

I am never satisfied with these matters, Sir, but recent trade figures have been encouraging and show, I think, that the Government's measures are working. I have every confidence that we shall achieve our objective of a satisfactory balance of payments surplus in 1967.

Mr. Price

Is my right hon. Friend aware that that Answer will give satisfaction at least to hon. Members on this side? What is likely to happen during, say, the next six months?

The Prime Minister

I am sure that the rising trend of exports will give satisfaction in all parts of the House. Our exports in the last 12 months were 7.3 per cent. higher, in value terms, than in the preceding 12 months, against 5.3 per cent. for imports. I would not like to forecast in detail the trend in exports, but I know that the whole House will be watching carefully the month-by-month figures.

Mr. Heath

After allowing for what might be termed the temporary factors of the change to our benefit in the terms of trade and the surcharge, but also allowing for the disadvantage of the seamen's strike, how much higher are our exports and how much lower are our imports than they would have been on the projections from past experience?

The Prime Minister

The right hon. Gentleman is right, of course, to say that disturbing features have affected the comparability of the figures—both ways. I or my right hon. Friend would want notice to give exact figures in reply to the question, but undoubtedly the trend of exports is now satisfactorily upwards, and the gap on trade account is narrowing.

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