§ 10. Mr. Luardasked the President of the Board of Trade what was Great Britain's share of world trade in 1967, the first half of 1968, the second half of 1968 and the first five months of 1969.
§ Mr. CroslandThe United Kingdom share of exports of manufactures from the main manufacturing countries was 12 per cent. in 1967, 11 per cent. in each of the first and second halves of 1968 and maintained at 11 per cent. in the first quarter of this year, the latest period for which adequate figures are available. Part of the reduction between 1967 and 1968 was due to the fall in United Kingdom export prices expressed in dollar terms.
§ Mr. LuardDoes not my right hon. Friend agree that these figures show that the increase in British exports over the last two years is, to a large extent, a reflection of the rapid increase in trade among the developed countries and that the continuing difficulties that we still have in the 1702 balance of payments stem more from the failure of our exports to rise sufficiently than from the rise in imports, as some observers have suggested? Is my right hon. Friend satisfied that the improvement in our export performance over the next year will be sufficient to remedy this situation and to bring the £300 million surplus which has been predicted?
§ Mr. CroslandI entirely agree that, taking a broad view, the British balance of payments difficulty is fundamentally due to failure on the export side rather than failure on the import side, but I must point out to my hon. Friend that the last 18 months or so have been the first time in very many years when Britain has kept her share of world trade. That share fell in the 10 years before devaluation by about ½ per cent. a year. All the indications are that exports are on an encouragingly rising trend.