§ Mr. Gouldasked the Chancellor of the Exchequer what proportion of total 107W imports in November and December comprised manufactured goods.
§ Mr. Robert SheldonManufactured goods, which includes semi-manufactured and finished manufactured goods, comprised 52.1 per cent. and 55.3 per cent. of all imported goods in November and December respectively. Figures for imports of services during this period are not yet available.
§ Mr. Gouldasked the Chancellor of the Exchequer to what factors he ascribes the increase in the volume of imports during a period of sterling devaluation.
§ Mr. Robert SheldonMovements in the volume of imports reflect the influence of a large number of factors, including—with a lag—international competitiveness, a major element in which is the rate of exchange. Between the first half of this year and the three months ending November the volume of imports has risen by over 8 per cent., with the biggest increases in food and manufactures, partly as a result of the impact of the drought and some reduction in destocking. As my right hon. Friend told the IMF, we expect the improved competitiveness of British industry to limit more effectively the continuing penetration of the domestic market.