§ 57. Mr. Shinwell
asked the President of the Board of Trade what has been the effect of devaluation on exports and percentage increase in the cost of imports.
§ Mr. Crosland
Devaluation has not yet had a major effect on export volume, though it has been the main factor in the rise in export prices, in terms of sterling, of 4½ per cent. between October and February. Import prices over the same period, largely due to devaluation, have risen 9½ per cent.