§ Mr. Gouldasked the Chancellor of the Exchequer why, in view of the devaluation of sterling, exports of chemicals have risen by only 4 per cent. since the first quarter of this year, whereas imports of chemicals have risen over the same period by 16 per cent.
§ Mr. Robert SheldonThe percentage changes quoted by my hon. Friend relate to the September figures compared with the first quarter figures. However, figures for individual months are especially subject to erratic fluctuations and it is preferable, therefore, to consider quarterly figures, a run of which is given in the table below. As the table shows, the path of recovery has differed as between exports and imports of chemicals. Exports rose more quickly at the beginning of the recovery period but the rate of increase has slowed down in recent quarters. However, since the beginning of 1974 export volumes have kept pace with import volumes.
Exports Imports 1974 1st Quarter … … 171 152 2nd Quarter … … 169 156 3rd Quarter … … 175 160 4th Quarter … … 161 139 1975 1st Quarter … … 153 124 2nd Quarter … … 135 112 3rd Quarter … … 136 117 4th Quarter … … 145 133 1976 1st Quarter … … 168 143 2nd Quarter … … 169 149 3rd Quarter … … 172 153