HC Deb 19 July 1982 vol 28 cc5-6
4. Mr. John H. Osborn

asked the Minister for Trade if he will publish in the Official Report a table showing the current level of manufactured goods, non-oil exports, oil exports and invisible exports, showing how these compare with imports for the current year.

Mr. Peter Rees

In the first five months of 1982, the United Kingdom had an estimated current account surplus of over £900 million. With permission, I shall circulate detailed figures in the Official Report.

Mr. Osborn

Although I welcome the fact that Great Britain is almost unique in having a balance of payments surplus because of oil, is it not essential to consolidate the export of manufactured goods? What consideration has my hon. and learned Friend given to resisting import penetration by manufactured goods? Could he not take a leaf out of the United States book and resort to the courts, as the results seem to be much more instantaneous in dealing with unfair competition, especially in steel and small tools?

Mr. Rees

I wish to consolidate and preserve our position, but in this instance I would not wish to follow the lead of the United States. We are protesting vigorously against what it did, and the European Community has asked for some of its actions to be considered by the relevant GATT committees.

Mr. Barry Jones

Does the Minister understand that in the first two months of this year £200 million worth, or nearly 700,000 tonnes, of steel was imported? Does he yet know the tonnage imports of steel for the two following months? How can he help the steel industry?

Mr. Rees

We are helping the industry by vigorous action over the United States measures which will affect exports to the United States and may affect the rolling mill at Shotton. We are concentrating on trying to keep open our important markets.

Mr. Beaumont-Dark

Could not our export-import figures be severely damaged by the new Spanish car that will compete with the Mini Metro, as while our duty on Spanish goods is low, their duty on ours is eight times as big? Will my hon. and learned Friend not stand idly by while our sales are sorely damaged by unfair trading?

Mr. Rees

We are acutely aware of the danger of Spanish exports, and we have requested the shortest possible transitional period. In case the House should believe that everything is gloom, I emphasise that our car exports rose by 50 per cent. between April and May, and exports of British Leyland cars in the first six months of the year were up by 30 per cent. on the same period in 1981. I am sure that the House would wish to congratulate all those involved.

Mr. John Smith

Is the Minister aware of the great anxiety in the steel industry about the attitude and action of the United States Administration who, while mouthing free trade policies, are practising active and vigorous protection in their economic interests? What action have the British Government taken? Are they proceeding with the adjudication before the GATT or negotiating with the United States? May we have the fullest possible information?

Mr. Rees

I shall certainly give the House the fullest possible information. Two weeks ago in the United States I stated our position. The matter is on the agenda of the Ministerial Council in Brussels, which I hope to attend after Question Time.

The European Commission is charged with the duty of negotiating on behalf of all the countries in the EEC. Britain is not the only the country affected. As I said earlier, the matter is being taken by the European Commission to be considered by the relevant committees of GATT.

Following is the information:

United Kingdom Current Account Transactions January-May, 1982
£million BOP basis Seasonally adjusted. £million BOP basis Seasonally adjusted. £million BOP basis Seasonally adjusted.
Credits Debits Balance
*Oil 3928 2530 + 1398
Non-Oil 18703 19796 - 1093
Total Visible Trade 22631 22326 +305
Invisible Trade N/A N/A ‡+629
Current Account N/A N/A +934
‡Manufacturers 15475 14445 + 1030
* Division 33 of SITC(R2)
† Sections 5 to 8 of SITC (R2)
‡ The figures for the latest two months are projections. These are not available for credits or debits. In the first quarter of 1982, the credits, debits, and balance were £7415 million, £7086 million, and 329 million, respectively.