§ Sir Teddy TaylorTo ask the Secretary of State for Trade and Industry what changes have taken place in the balance of trade in manufactures with the EU since the UK joined the organisation. [134097]
§ Mr. Mike O'Brien[holding answer 6 November 2003]The UK's trade with the EU has grown steadily since UK membership in 1973. The value of the deficit in trade of manufacturers with the EU in 1973 was 0.3 per cent. of GDP. This grew to 3.0 per cent of GDP in 1989. In 2002 the deficit was 2.1 per cent. of GDP.
These changes since 1973 in the balance of trade with the EU are smaller than those seen with non-EU countries. Over the same period the trade of manufacturers with non-EU countries has gone from a surplus of 2.3 per cent. in 1973, to a deficit of 1.8 per cent. of GDP in 2002.
The UK's membership and increasing economic integration with the EU has generated considerable opportunities for UK businesses and contributed positively to UK prosperity. This has helped drive the twenty fold increase in UK trade in goods with the EU since 1973, compared to the twelve fold rise in trade in goods with non-EU countries.