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Tuesday, December 11, 1973
As regards our trading performance we have so far done better
this year than might at one time have been expected. In the first ten months of this year, our domestic exports increased by some 23%, our re exports by 57% and our imports by 28% compared with the same period
last year, Though two-thirds of this might be attributable to higher
priecs, nevertheless these are encouraging figures in which you as
industrialists can rightly take pride. I think they also show that
our policy of maintenance of a strong currency has proved, as we had
hoped, compatible with a strong export position. Overseas, the recent
improvement in the fortunes of the United States dollar is a welcome development which augurs wall for future economic developments in our largest market.
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Next, the new problems, The first is the serious problem of
shortages of essential raw materials and semi-manufactured materials which
has developed with some rapidity, coupled in some cases by price rises of
a size unprecedented in recent times. Virtually every one of our export industries is experiencing difficulty in securing an adequate supply of
raw materials, and price increases have occurred where raw materials are
available. It is difficult for us to influence production in the supplying countries and have had to depend largely on the vigour and skill of our
traders to secure the materials so ressential to our economic well being.
But we are not entirely helpless and, wherever possible, the Government
has taken steps to improve the supply position. It will continue to do
all in its power. This is a field of the greatest importance. I assure
you the Government will continue to maintain the closest possible contact
with industry about it.
/I come
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