§ 35. Mr. Wallasked the President of the Board of Trade to what extent British trade has achieved the higher level of exports required to compensate for devaluation; and how much trade has increased above the pre-devaluation level.
§ Mr. CroslandIn the three months March to May the sterling value of exports was 15 per cent. higher than in the second and third quarters of last year. In terms of dollars exports are already approaching their pre-devaluation level, and they are still rising.
§ Mr. WallIs the right hon. Gentleman aware that gross exports have to increase considerably in order to catch up with devaluation? Will he consider publishing the levels of trade in post- and pre-devaluation terms for the next few months?
§ Mr. CroslandI will consider any suggestion, but these facts could be deduced fairly easily from the figures we have published.
§ Mr. James DavidsonIs it not the case that in the same period exports to the E.F.T.A. countries have actually fallen?
§ Mr. CroslandNo, Sir. Over the precise period I have described—March to May—as compared with the second and third quarters of last year, exports to E.F.T.A. have risen, although less than our exports to most other major industrial regions of the world. However, in the last three or four months there has been a sharp uprise in exports to E.F.T.A.