§ Mr. Oakesasked the President of the Board of Trade what is the adverse balance of trade between Great Britain and the Argentine Republic during 1967 to date; and what steps he is taking to increase Great Britain's exports to Argentina.
§ Mr. DarlingNo close estimate is possible. The value of imports from and of exports and re-exports to Argentina in January to March, 1967, is shown on page 288 of the Overseas Trade Accounts for March. The difference between the two is not, however, a close measure of the balance of payments in respect of our visible trade with Argentina, because imports are valued to include insurance 79W and freight charges which will often be paid to British residents and because the country from or to which imports or exports are consigned may differ from the country to or from which payment is made, or liabilities arise. All the usual export services are available from the Board of Trade and special attention is being paid to promoting sales of heavy capital goods. In addition, Export Credits Guarantee Department, last November, removed certain restrictions on the percentage of credit insurance cover for Argentina and the full range of normal credit insurance facilities is now available for business in this market.