Figures for 195care
gurer at actures of 200
figures for later
years
at march
1952 fries
88
8
Page 899eport Task for Metal Goods. It appears probable that most of We increase in exports required over the next few years will have to be achieved by increased exports of metal goods. The task falling on them can be illustrated as follows:-
TABLE 4
The Export Task of Metal Goods
£ million at March 1952 prices
(actual)
Exports required on balance of pay-
ments basis
1951
1953
1954
1955
2,710
3,110
3,300
3,320
Exports required on trade account
basis(1)
2,710
3,070
3,260
3,280
Raw materials; food, drink and
tobacco; chemical and petroleum
products
665
740
760
780
Consumer goods (other than of metal)
910
820
830
.830
Re-exports
130
110
110
110
Required from metal goods exports(2)
1,005
1,400
1,560
1,560
NOTES
(1) A standard correction of .40 million per annum has been applied to allow for differences. in definition between balance of payments and trade account tables, in order to cover such adjustments as the exclusion of diamonds from the trade account figures. The actual figures for 1951 also reflect the difference between the value of goods exported in the year and the amount of payment received in the year. Differences of this kind are too irregular to be carried forward into the other figures.
(2) This table covers a slightly narrower range of products than are included in the table on the supply of metal goods in the paper to which this is an appendix. The exports in this table are valued at f.o.b. prices, whereas in the other table they are valued at ex-factory prices. These figures differ from the export figures in the metal goods table for the years 1953, 1954 and 1955 by 41 per cent. For the year 1951 they differ by 4 per cent. plus a further 8 per cent. for the difference between average 1951 and March 1952 prices.
6. It will be seen that in 1953 exports of metal goods are required to earn about £400 million more than in 1951, and in 1954 about £550 million more. As prices have already increased since 1951, the increase in the volume of metal goods exports required could be less than this, namely about £330 million more in 1953 than in 1951, and about £500 million more in 1954 than in 1951. (See metal goods: table in the main paper.)