BRITAIN’S EXPORT POSITION

Ashburton Guardian, Volume 66, Issue 270, 27 August 1946, Page 3

BRITAIN’S EXPORT POSITION

NOTE OF CAUTION SOUNDED GOAL NOT REACHED (From A. W. Mitchell, N.Z.P.A. Special Correspondent). LONDON, August 26. Satisfaction edged with typical British caution is the reaction to | The United Kingdom’s latest export figures. In duly the value of British exports to the world was 20 per cent above the 1938 monthly average. Though this is regarded as good news, it is again emphasised officially that Britain’s target is to secure a 75 per cent rise over the 1938 figures, and it is appreciated that the hardest will be to achieve the remaining 55 per cent.

A big query that looms over British trade is how far ahead is the end of the sellers’ market? Nobody knows the answer and, therefore Britain will continue to “starve her home market in a hope of fostering long-term trade connections abroad.”

This was made clear by Professor H. A. Marquand, Secretary for Overseas Trade, when he announced Britain’s trade figures for July. “The export drive,” he said, “will require even greater efforts, and the months ahead are full of difficulties. If we fail to attain our objective .the future will be grim indeed.”

Clouds on Horizon

Three clouds on the horizon to which he drew attention are:—

(1) The reduced allocation of steel for exports owing to the falling off in supplies of semi-finished steel from the United States.

(2) The shortage of coal which might interfere with home and export production.

(3) The world shortage of linseed oil has caused exports of paint to be severely cut, while paint for export goods such as ships and locomotives has been reduced.

In spite of these reservation the fact remains that in July Britain exported 19s worth of goods for e.very ,20s worth she imported. The value of exports was £91,900,000 and imports £101,100,000 and re-exports £5,400,000.

For the first- seven months of the year exports totalled £523,300,000 or an average of £74,700,000 a month. Though in the second quarter of this year New Zealand ranked with the United States and Canada as the leading suppliers to Britain, she is now 12th on Britain’s export list in the second quarter of this year compared* with 11th in .the first quarter and ninth in 1938. The list of Britain’s 12 best customers in the second quarter of this year and the total goods bought is India £19,100,000, South Africa £16,400,000, Australia £14,200,000, Denmark £12,600,000, France £10,500,000, Eire £9,500,000, United States £8,900,000. the Netherlands £7,300,000, Canada £7,100,000, Belgium £6,600,000, Egypt £6,300,000, New Zealand £6,000,000. Leading British exports in July were: Vehicles £11,000,000, machinery £10,900,000, iron and steel £8,200,000. Outstanding increases were reached for agricultural machinery which was four times the 1938 average; cranes and hoists three times, locomotives six times and marine internal combustion engines four times. Exports of cars were 7667, or more than twice .the 1938 average, and exports of radio sets exceeded 35,500 which was five times the pre-war total.