HC Deb 25 February 1987 vol 111 c290W
52. Mr. Marlow

asked the Secretary of State for Trade and Industry what is his assessment of the relative benefits to the United Kingdom economy of manufacturing as against service industries; and if he will make a statement.

Mr. Alan Clark

Manufacturing and services are both essential parts of the economy. They both generate output, provide employment, and earn foreign currency. They are, moreover, mutually dependent.

In terms of their contribution to the balance of payments, trade in manufactured goods is approximately two and a half times as great as trade in services. The figures for 1985 (the latest available) are given in the table:

£ billion
Exports1 Imports1
Manufactured goods 52.3 55.3
Services 24.3 18.4
1 SITC basis.

Source: Tables 2.3 and 3.1, United Kingdom Balance of Payments (1986 edition).