BRITAIN'S EXPORT DRIVE

Evening Star, Issue 26043, 6 March 1947, Page 7

BRITAIN'S EXPORT DRIVE

ANALYSIS OF LATEST RETURNS INCNEASED BUSINESS WITH EMPIRE COUNTRIES (N.Z.P.A. Special Correspondent.! (Rec. 10 a.m.) LONDON, March 5. An analysis of the latest export returns shows that British exports to the dollar area last year were just under £74,500,000 compared with exports valued at £46,000,000 from the same sources. Before the war exports to dollar countries averaged £54,000,000 a year, and imports £205,500,000, Exports to dollar areas during 1946 were only 7J per cent, of the total exports for the year, whereas the imports were 35 per cent. In 1938 10 per cent, of British exports went to dollar countries, and 22 per cent, of her imports came from the same area. In 1946, British exports to the sterling group areas increased by nearly five per cent, compared with 1938. The recent White Paper emphasised the importance of increasing exports from the engineering, chemical, vehicle, and general miscellaneous industrial groups. The export returns for January disclose that machinery exports during that month increased by over £8,500,000, chemical exports £1,000,000, vehicles by just under £7,750,000, and miscellaneous by £2,500,000. Britain spent the majority of her hard currency during 1946 on buying grain, flour, meat, dairy produce, fruit and vegetables. Tobacco, imports from the United States were £55,000,000 compared with £17,750,000 in 1938. Commenting upon the returns, the ‘ Financial Times 5 says the outstanding feature of the year’s trading is the increase in business with Empire countries. ■ The Empire is now supplying nearly half of Britain’s imports, and buying about half of her total exports compared with 40 per cent, pre-war. the most disturbing feature ot the returns is that Britain’s total exports to the United States, Canada, and the Argentine, last year totalled only £94,000,000, whereas the value of her imports from these three countries was £489,000,000. This formidable adverse balance of trade in hard currency areas was due to a large extent to the disruption of Britain’s normal European markets by the war. One of her chief hopes of economic recovery lies in the rehabilitation of these markets as speedily as possible. The ‘ Financial Times ’ says the export figures established in January by the steel," cotton, woollen, vehicles, engineering, chemical and miscellaneous industries, which are the “ shock troops ” of the export drive, were impressive and encouraging, hut unfortunately they have been completely dislocated by subsequent stoppages ana fuel cuts.