Last Year's Trade the Worst Since 1951

from an economics corresponient This month's Board of Trade Journal has an article analysing the trade figures for 1967. The results are not very encouraging: the United Kingdom's trade deficit was up to £$61m., the worst result since 1951. It was well over double the 1966 deficit of £233m. Exports were down £21m to £5,026m., while imports went up by £195m., or 8 per cent., to £6,442m, This trend was most marked in the fourth quarter, when the visible deficit emounted to £337m., nearly 50 per cent. more than in the whole of 1966. The journal blames a number of factors for this position: after a promising start, exports were soon affected by the noticable slackening in the growth of world trade in manufactures vhich over the previous three years had been rising strongly. The Middle East war in June reduced exports to that area ani beyond, and the journal makes the usual charge that the decks! strikes affected exports more than imports, Imports last year were given a head start by the removal of the import surcharge in November, 1966. Arrivals of fuel and of food, drink and tobacco were markedly higher in the first half of 1967. A large rise in landed oil prices in the wake of the closure of the Suez Canal added to the import bill. The report shows how clearly the performance of the British economy is tied to world trade trends. Until Britain has a policy of helping the under-developed countries there will be no big increase in exports,