Balance of Trade

HC Deb 10 February 1966 vol 724 cc120-1W

47. Mr. Peter Mills

asked the President of the Board of Trade with which nations Great Britain had a net adverse balance of trade in 1965.

Mr. Mason

Information is not available for the close estimation of the balance of trade with individual countries and, therefore for the preparation of a list of this kind. Table IV of the Overseas Trade Accounts gives an indication of the relative balances with different countries. The crude trade balance derived from the Accounts is not, however, a good measure of the balance of payments for trade, because imports are valued to include insurance and freight charges, and because imports and exports are shown against the country from or to which the goods are consigned, which may differ from the country to or from which payment is made, or liabilities arise.