§ Mr. Cryerasked the Minister for Trade what is the current deficit in manufactured goods, excluding oil trade, between the United Kingdom and EC countries; and what was the deficit in each year since entry in 1973.
§ Mr. Peter ReesThe information is in the table. The figures are not available, throughout the period, on a balance of payments basis. They can therefore only be given on the overseas trade statistics basis. They can therefore be seriously misleading as figures on this basis, unlike balance of payments figures, measure imports—but not exports — inclusive of freight and insurance costs. Imports are thus over-valued in comparison with exports. Deficits reduce if both imports and exports are measured exclusive of freight and insurance.
553W
United Kindom balance of trade in manufactures* with the European Community £ million, OTS basis 1973 416 1974 750 1975 640 1976 666 1977 910 1978 2,029 1979 3,081 1980 1,744 1981 2,993 1982 4,970 1983 (March) 551 * Standard International Trade Classification Sections 5 to 8. Oil (SITC 3Viis not included in manufactures. Source:
United Kingdom Overseas Trade Statistics.