asked the Taoiseach what would have been (a) the trade excess and (b) the balance of payments for 1961 if the terms of trade had remained at the level prevailing in February 1957.
Ceisteanna—Questions. Oral Answers. - Trade Excess and Balance of Payments.
2.
It is not possible to give quantitative expression to the effect of changes in the terms of trade on the volume of imports and exports. What can be done is to estimate the value, at price levels prevailing in one period of the quantum of imports and exports recorded in a different period. If the actual 1961 totals for imports and exports are revalued using the Official import and export price (unit value) index numbers for February 1957, the import excess is estimated at £109.4 million or £28.5 million more than the actual outcome in 1961.
The balance of payments statement for 1961 is not yet available so that it is not possible to answer the second part of the Deputy's question.