asked the Minister for Finance the most recent figures for external trading; and if he will make a statement on the present trend.
Written Answers. - External Trading.
273.
In June last, merchandise imports amounted to £89.8 million and merchandise exports to £70.9 million. As compared with June, 1972, imports were £21.2 million or 30.9 per cent higher and exports £14.8 million or 26.4 per cent higher.
In the first half of 1973 imports totalled £540.4 million and exports £393.2 million. These figures represent increases of 34.8 per cent and 35.4 per cent respectively over those for the first half of 1972.
The trends disclosed by the recent trade returns are not a cause for concern. The buoyancy of exports to which both agricultural and industrial products have contributed is particularly gratifying. On the other hand, much of the increase in imports is attributable to larger purchases of raw materials and capital goods which are necessary to sustain the high level of economic activity. As an increase in net receipts from invisible items is anticipated I expect that the deficit in the balance of payments for the year as a whole, while likely to be greater than last year, will not be such as to cause concern.