HC Deb 08 November 1982 vol 31 cc294-5
2. Mr. Eggar

asked the Minister for Trade whether he is satisfied with the current level of exports.

Mr. Peter Rees

The level of exports has been volatile during 1982—a sharp rise in September following a low level in August. It is encouraging, however, that the level of exports in 1982 has been maintained at that of 1981, despite difficult world trading conditions.

Mr. Eggar

Will my hon. and learned Friend confirm that United Kingdom exporters and the United Kingdom as a whole will benefit from minimum interference with trade?

Mr. Rees

I certainly confirm that. It is the Government's firm intention to do all that they can to maintain the open trading system which has benefited this country and exporters over many years.

Mr. Brocklebank-Fowler

What will be the likely effect on British exports to Nigeria in view of that country's decision to issue no new letters of credit to finance imports?

Mr. Rees

In the short term it is bound to be disadvantageous, but I stress to the House that the Nigerian market is important. It has had its ups and downs, but I hope that it will soon move into a more satisfactory phase, thereby benefiting British exporters.

Mr. Sims

In view of recent speculation, is my hon. and learned Friend aware that his commitment, on behalf of the Government, to open trading will be very welcome to Conservative Members? It must surely be better for us to encourage our overseas trading partners to follow a similar policy than to erect restrictions. In particular, will my hon. and learned Friend press upon the Japanese Government the fact that at the moment it is difficult for British insurance companies to practise there?

Mr. Rees

I am glad to hear my hon. Friend's observations on the benefits of the open trading system. We shall stress that position at the GATT ministerial meeting in November. However, there are some markets which, I regret to say, are not as accessible to our exporters as our markets are to theirs. We shall continue to hammer that point home, particularly in regard to Japanese markets, in all exchanges with the Japanese Government and the Keidenren.

Mr. Woolmer

The Minister's confidence in our export position is not shared by the CBI, is it? Is the hon. and learned Gentleman aware that its latest economic report shows that 34 per cent. of the companies surveyed were less optimistic about export prospects, that 42 per cent. reported a fall in orders, that 60 per cent. said that export order books are below normal, and that 69 per cent. said that export price competitiveness is the worst since records began? When will the Government admit that their policies are failing industry, British workers and the nation?

Mr. Rees

The hon. Gentleman has been looking at the wrong statistics. The House should bear in mind that in the first nine months of 1982 there was a current account surplus of £2½ billion. That puts a slightly different complexion on the matter.