§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what has been the effect of the increase in the terms of trade for manufactures since the second half of 1973 on the balance of payments for (i) semi-manufactures and (ii) finished manufactures in terms of 1992 prices and as a percentage of money gross domestic product; and if he will publish a table showing the relevant figures for each year since 1970 and, where relevant, in index form as a percentage of the second half of 1973.
335W
§ Mr. NelsonThe terms of trade are only one of several influences on the balance and there is no simple and direct relationship between them. The latest information on the balance of trade in manufactures between 1970 and 1992 at current and constant prices, and on the gross domestic product, is available from the Central Statistical Office database which can be accessed by the House of Commons Library.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he expects the figures for import and export prices of manufactures on trade with other EC countries to follow the same path(a) this year to date and (b) for the rest of the year as on trade with non-EC countries; what is his estimate of the effect that has had on the balance of payments this year to date; and what is his forecast for the rest of 1993.
§ Mr. NelsonWhile there has been a correlation between movements in EC and non-EC trade prices over the past, prices for our non-EC trade are not necessarily an exact guide to prices for our trade with other EC countries. Figures for prices of our trade with other EC countries will be available in mid-June. The latest forecast of the balance of payments was published in the Financial Statement and Budget Report.