HC Deb 09 July 1973 vol 859 c1012
17. Mr. Jay

asked the Secretary of State for Trade and Industry what was the increase in total value of United Kingdom imports from the rest of the EEC, and of United Kingdom exports to the rest of the EEC, respectively, in the first five months of 1973; and what was the visible trade balance between the United Kingdom and the rest of the EEC during this period.

The Secretary of State for Trade and Industry and President of the Board of Trade (Mr. Peter Walker)

Between the first five months of 1972 and 1973, 39 per cent. and 29 per cent. respectively. Figures of the visible balance for areas are prepared on an annual basis only.

Mr. Jay

Do not the figures show that our imports from the EEC are exceeding our exports to the EEC by about £80 million a month and that that sum is approximately equal to our present balance of payments deficit?

Mr. Walker

Of course, there has been an adverse balance of payments situation for some time. What is encouraging is the accelerating rate at which we are exporting to Common Market countries, which represents an increase of nearly 30 per cent. During the period concerned the British economy, in terms of output, has been expanding faster than that of all but one of the other eight. That has meant a large importation of machinery.