§ Mr. Gouldasked the Secretary of State for Trade by what percentage import prices by manufacturers would be expected to rise after one, three and six months following a 10 per cent. devaluation; and what are the corresponding estimates for exports of manufactures.
§ Mr. Clinton DavisIn present circumstances, it is difficult to form reliable estimates of the short-run movements in import and export prices of manufactured goods resulting from a depreciation of sterling. Over the longer run, however, the indications are that a 10 per cent. devaluation of sterling would lead to a similar rise in import prices for
Imports Exports '000's of metric tons £ million c.i.f. '000's of metric tons £ million f.o.b. 1965 … 251 12.2 132 2.4 1966 … 248 13.2 209 4.5 1967 … 350 17.5 70 2.3 1968 … 323 14.6 74 2.0 1969 … 260 14.0 82 2.4 1970 … 309 18.8 98 3.1 1971 … 270 14.7 82 2.4 1972 … 281 17.5 136 4.1 1973 … 232 21.3 221 8.4 1974 … 240 21.7 152 7.4 1975 … 375 39.3 148 12.7 January-September 1976 … 526 106.2 39 5.5 Estimates in terms of August 1976 sterling values are not available for individual commodities.