Exports Still Expanding
There is one bright spot in the economic picture of Britain, and that is exports. They have been going up continuously since Novem- ber, 1945, when they stood at £30,000,000. In March they were £67,000,000. This is very good progress indeed. So much so that the figures must be very narrowly examined for any elements of false hope they may contain. The initial uprush from the November was partly due to non-recurring factors, such as recovery from the dock strike, and it is now dying out. March exports were only slightly higher than those of February, when allowance is made for the fact that February is a short month. Nevertheless, if the rate of increase of about £2,000,000 a month can be maintained, exports in December should be running at over £8o,000,000 a month. This will be com- fortably above the pre-war level of L39,000,00e at 1938 prices, or L743000,000 at present export prices—which, incidentally, are- still rising. Thus the first turn in the race will be reached. Then begins the gruelling uphill task of putting the monthly figure up to 75 per cent. above pre-war--say, to £130,000,000 a month at present prices. In view of recent progress, which must owe something to the out- standing organising ability of Sir Stafford Cripps at the Board of Trade, it is not too much to hope that the goal will be reached. But unless the productivity of British industry expands more rapidly than it is doing now, exports can only reach the required level at the expense of home consumption. Buoyant exports are only an un- mixed blessing so long as they are provided from a thoroughly efficient industry. The total picture has its shadows as well as its high lights.
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