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Imports of Manufactures into the United Kingdom and other Industrial Countries, 1955-69

Published online by Cambridge University Press:  26 March 2020

A.D. Morgan  and
D. Martin
A.D. Morgan
Affiliation:
National Institute
D. Martin
Affiliation:
National Institute
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Extract

Over the past 15 years, manufactures have been the fastest-growing sector of Britain's import trade. In 1969, the dollar value of total retained imports was 75 per cent higher than the 1955 figure but the dollar value of imports of manufactures was more than 260 per cent greater than in 1955. The latter rise owed little to higher prices; there was a more than threefold increase in volume. Thus manufactures which had in 1955 supplied just under 23 per cent of retained imports accounted for 43 per cent in 1969.

Type
Articles
Information
National Institute Economic Review , Volume 56 , May 1971 , pp. 41 - 63
Copyright
Copyright © 1971 National Institute of Economic and Social Research

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References

(1) For the influence of a rise in investment on imports of plant and machinery, cf. B. Balassa, ‘Trade creation and trade diversion in the European Common Market’, Economic Journal, March 1967. Balassa found that there was a marked rise in imports of machinery in relation to income and invest ment in EEC during the 1959-61 investment boom.

(1) The relation between the dollar current price growth ratio that spans a devaluation and a growth ratio calculated for the same period from domestic currency values depends on the size of the changes in GNP, imports, and the rate of exchange. The calculations in this article generally produce a dollar ratio larger than the domestic currency ratio.

(1) For an account of the methods used in estimating average tariffs see the Appendix.

(1) ‘Trade dependence in European countries’, Economic Bulletin for Europe, vol. 21, no. 1.

(1) The few cases where duties on imports of manufactures from the Commonwealth are levied at a reduced rate have been ignored since imports from preference countries in these cate gories are very small.