§ 16. Sir G. Nabarroasked the President of the Board of Trade what deficit in United Kingdom balance of payments, excluding capital account and related only to current account including invisibles and re-exports, occurred in 1968, compared with 1967 and 1966; what improvement in exports occurred in 1968 and how the policy of imports substitution helped trade balances; and what further measures he proposes for export promotion and imports diminution during 1969.
§ Mr. CroslandThe full current account balance of payments figures for 1968 will not be available until March. Exports in 1968 were 23 per cent. higher in sterling terms than in 1967, and 14 per cent. higher in volume. This strong increase in exports, together with import saving, contributed to the steady improvement in the current balance during the course of 1968. As to the last part of the question, I would refer the hon. Gentleman to the Answer which I gave him on 6th November last.—[Vol. 772, c. 864–5.]
§ Sir G. NabarroAs there is this strong rise in exports, what evidence has the right hon. Gentleman that in 1969 we shall not have an even stronger rise in 1301 imports, notwithstanding the discouraging effect of the import deposit scheme which so far appears to be nugatory?
§ Mr. CroslandAs my right hon. Friend the Chancellor of the Exchequer and I have said more than once, it is too early to judge the likely effect of the import deposit scheme. I think that it is absolutely clear from present trends that the increase in exports generally in 1969 will significantly and substantially exceed any possible increase in imports.