U.K. Trade Deficit

Press, Volume CVIII, Issue 31653, 13 April 1968, Page 13

U.K. Trade Deficit

(N.Z.P.A.-Reuter—Copyright) LONDON, April 12. Britain’s foreign trade deficit increased by £3om last month to £lo3m. Exports fell by £9m to £so6m, while imports remained the same as in February, at £656m. The deficit, arrived at after taking account of invisible exports, such as shipping and insurance, was the lowest since last November, the month in which sterling was devalued. It was then £ls3m. Official sources say exports during the first quarter of this year owed a good deal to the making good of arrears from the autumn dock strikes, when millions of pounds worth of exports were blocked in British ports. Though this factor had declined in importance, exports fell only slightly in March. There were signs of a recovery in demand for British exports in the two most important markets, the United States and the European Economic Community the sources said, adding that the adverse effects of devaluation on import prices were showing in the import figures which had been averaging a record £643m a month during the last quarter.