The figures for the first nine months of 1930 corresponding to those which I gave the hon. Member in reply to a similar question on the 1st April last, are as follow:
|Imports from the Soviet Union (Russia)||19,640,574|
|Exports (including re-exports) to the Soviet Union||6,977,906|
Will the right hon. Gentleman say why a country with such a very large trade balance in this country requires the benefit of a loan under the Export Credits guarantee in order to buy British goods?
The reply is surely that in the process of international trade the point cannot be stated in that way. It is quite impossible to link up two countries. These balances enter into many other international transactions. The short reply is that during the past year the exports to Russia had substantially increased.
Comparable statistics of the exports of manufactured goods to the Soviet Union (Russia) from the countries mentioned are not available. The value of the imports of manufactured goods into the Soviet Union recorded in the official trade returns of that country as imported during the 12 months ended 30th June, 1930, from the United Kingdom was £3,311,000; from Germany, £15,471,000; from France, £1,268,000; from Belgium, £102,000; and from the United States, £21,454,000.
Can the right hon. Gentleman explain how it is that the United States have been able to send this enormous volume of goods to Russia without an export credits scheme such as we have here?
I am afraid that raises a very large question. I could not reply, without notice, regarding the precise credit arrangements. But a very great deal could be said on this question.