§ Mr. Arthur Lewisasked the Secretary of State for Trade whether he is aware that recent trade figures have shown a 6 per cent. decline in exports in the three months from November 1977 to January 1978 whilst imports rose by 3½ per cent. and that January's deficit on visible trade was £324 million; what action he has taken or intends taking to change this situation; and whether this will include getting the unemployed into industrial production.
§ Mr. MeacherIn interpreting the recent trade figures, it would be a mistake to place too much weight on the effect of the January figures. There was a marked improvement in our trading performance in the second half of last year which led to the substantial reduction of some £1,900 million in our visible deficit in 1977 as a whole, including an improvement on the non-oil visible balance of over £700 million to a surplus of around £1,200 million. Our current trade performance in general still represents a substantial recovery from the massive deficits in the years 1974 to 1976. My Department provides a wide range of services for exporters and is always looking for ways to improve them. For example on 15th December 1977 my right hon. Friend announced an extension of ECGD facilities for cover against joint and several liability in very large contracts—[Vol. 941, c. 300–1]—and on 445W 26th January 1978 the British Overseas Trade Board announced the introduction of the Market Entry Guarantee Scheme, designed to help exporters with the risks of entry into new markets.