February 27, 1978

LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Right Hon. P. E. Trudeau (Prime Minister):

Mr. Speaker, 1 happen to have the answer to that question.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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?

Some hon. Members:

Hear, hear!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Mr. Speaker, because some of the comments on January commodity exports were misleading, the Minister of Industry, Trade and Commerce very diligently sent me some notes so that I would be able to answer the concern of the hon. member. We have to look at a number of things. First, the trade balance. The commodity trade balance in January, 1978, was $306 million. This is a very high level indeed, since it would amount to an annual rate of $3.6 billion.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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PC

Walter David Baker (Official Opposition House Leader; Progressive Conservative Party House Leader)

Progressive Conservative

Mr. Baker (Grenville-Carleton):

Read on.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Second, we have to look at the record over the year. Canada obtained a merchandise trade surplus of-

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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PC

Walter David Baker (Official Opposition House Leader; Progressive Conservative Party House Leader)

Progressive Conservative

Mr. Baker (Grenville-Carleton):

Motions.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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?

Some hon. Members:

Oh, oh!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

I thought hon. members opposite wanted some information.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
Permalink
?

Some hon. Members:

Hear, hear!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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PC

Marcel Joseph Aimé Lambert

Progressive Conservative

Mr. Lambert (Edmonton West):

It is very simple; put it on motions.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

I do not understand. If the House is concerned about this very high figure, perhaps-

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

James Alexander Jerome (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order, please.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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?

Some hon. Members:

Oh, oh!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

James Alexander Jerome (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order. The question concerned a statistical matter for the month of January. Up to this moment, that is

Oral Questions

the question being answered. I will not let it go on too long, but the question is being addressed.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

I was saying that Canada obtained a merchandise trade surplus of $2.9 billion in 1977, even with a deficit of $1.5 billion in crude petroleum. Therefore, Canada improved over the past two years by over $3.4 billion. Third, our export performance in the last two years-the volume of our exports-has risen by about 22 per cent-

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

James Alexander Jerome (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order, please. The answer may be too lengthy. The hon. member for York-Simcoe.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

Mr. Speaker, my further supplementary is directed to the Prime Minister. When he said that he had the answers, presumably that means the second acting minister of industry, trade and commerce does not have the answers. The Prime Minister started to quote certain figures. I would be very pleased if he would give us the current account trade deficit estimate now for Canada, bearing in mind the January turndown in the figures. Would he indicate whether, in fact, we may expect the original estimate of approximately $4.5 billion in current account trade deficit this year, or may it be even higher?

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Mr. Speaker, now the hon. member is concerned with the current account. His question was about trade performance. It is on this that I have figures from the Minister of Industry, Trade and Commerce. I am sure the current account figures could be forwarded to me by the Minister of Finance, if the hon. member wants to know. The trade figures are extremely important. In the past two years, from 1975 to 1976, the value of exports of motor vehicles has increased by 52 per cent; automotive parts, by 69 per cent; chemicals by 70 per cent; industrial machinery, by 25 per cent; lumber, by 146 per cent.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
Permalink
?

Some hon. Members:

Order.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

Don't be such a phony.

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
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February 27, 1978