§ Mr. Peter DuncanTo ask the Chancellor of the Exchequer what his estimate is of the UK's current balance of trade in(a) milk and (b) milk products. [52907]
§ Nigel GriffithsI have been asked to reply.
According to information compiled by HM Customs and Excise, in 2001 the UK had a crude trade surplus worth £170 million in milk and a crude trade deficit of 33W £799 million in milk products. Milk products include yoghurt, buttermilk, ice cream, whey, butter, cheese and curds.
UK exports are valued at the cost of goods whereas imports also include the costs of freight and insurance. The difference between exports and imports is referred to as a "crude" trade balance to reflect this difference in valuation.