BRITAIN'S EXPORTS

Evening Star, Issue 25776, 26 April 1946, Page 9

BRITAIN'S EXPORTS

MONTHLY INCREASE MAINTAINED STILL WELL BELOW ULTIMATE OBJECTIVE iN.Z.I'.A. Special Correspondent.) (Rec'B a.m.) LONDON, April 25. liritain's exports during March were '.i per cent, over those tor February. Allowing for a rise in prices, they were 88 per cent, of the 1938 level. During the first quarter of this year exports were 81 per cent, of the 1938 volume. Since March, 1945, Brtiaiu's exports have trebled. Adjusting the number of working days for the first three months this year exports in January were £55.000,000 in ■ February £65,000,000. and in March £(57.Olft.OOO. The March figure, although regarded as satisfactory, is not sensational, but indicates that the export effort is being consolidated, and 'that the upward trend continues. Imports, however, also rose, due primarily to increased shipments of food, drink, and tobacco following the sharp contraction 111 February. Figures in January ivere £96,000,000, February £79,000,000, and March £103,000,000. An adverse balance of nearly £82,000,000 was less than half that for the first quarter of 1945.

Most of the thriving exports were of the type on which Britain will depend most for success in achieving her ultimate export objective, namely, the engineering, vehicle, electrical, and chemical trades. During March exports of British manufactured goods were the highest in value for 20 years, increasing by £8,000,000 over February. Despite lack of shipping space, export, figures for vehicles at nearly £7,000,000 were the Highest in value since 1922. Iron and steel and manufactures exported during March were valued at nearly £3,500,000. These figures are regarded as encouraging, but. as ' The Times ' points out, there are two qualifying considerations: First, it is still broadly true that at the moment it is still possible to export anything; secondly, the volume of British export trade is still far below the ultimate ohjective of an increase of 75 per cent, above the 1938 level. Therefore the gap between what has been achieved and what remains to be done is still very wide. Jt also has to be borne in mind that the March figure of just over £100,000,000 for retained imports may prove to be the minimum.

' The Times ' also mentions that the impression grows that the production drive does not match the export drive, and that unless this weakness is rapidly and effectively dealt with further pro* gross of exports will be held up. There is still no sign that the effort to increase production has become anything more than a process of exhortation. Though the upward trend of exports is regarded as satisfactory, there is stOI caution as regards the future. It is borne in mind that competition will increase overseas, uncertainty, prevails over the Government's nationalisation plans for steel and iron, while the industry as a whole has many internal problems to face.