§ Mr. Bruce-Gardyneasked the Secretary of State for Trade and Industry if he will publish a table showing the three-monthly moving average of the United Kingdom trade deficit, calculated at an annual rate, for each month in 1973.
§ Sir G. HoweThree-monthly moving averages of the visible trade balance appear in the monthly Press notice on trade. The latest appeared on 13th November and is available in the Library.
§ Mr. Bruce-Gardyneasked the Secretary of State for Trade and Industry if he will publish a table showing the percentage rate of change in the volume of United Kingdom exports and imports, respectively, between each of the first three quarters in 1973.
§ Sir G. HoweFollowing is the information:
Percentage change over previous quarter* 1973 Exports Imports 2nd Quarter +3.0 -0.5 3rd Quarter +3.1 +2.9 * On a seasonally adjusted, balance of payments basis.
§ Mr. Bruce-Gardyneasked the Secretary of State for Trade and Industry if
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Imports of manufactured goods (SITC (R) Sections 5 to 8) Imports of finished manufactures (SITC (R) Sections 7 and 8) Volume index numbers for imports of manufactured goods*† (SITC (R) Sections 5 to 8) 3 months moving average at an annual rate £ million* (cif) Percentage of total imports 3 months moving average at an annual rate £ million* (cif) Percentage of total imports 3 months moving average 1970=100 1973—January … 7,292 57.0 3,773 29.5 150.8 February … 7,325 56.7 3,833 29.7 150.5 March … 7,639 56.1 3,998 29.4 156.0 April … 7,739 55.8 4,061 29.3 153.4 May … 8,184 56.1 4,260 29.2 156.5 June … 8,302 56.0 4,297 29.0 155.4 July … … 8,676 56.5 4,494 29.3 159.9 August … 8,834 55.9 4,614 29.2 161.5 September … 9,215 56.1 4,860 29.6 164.1 * Seasonally adjusted; average of month shown and two preceding months. † Volume indices for finished manufactures are not available. he will institute an inquiry into the extent to which United Kingdom trade statistics are currently inflated in both directions by the propensity of United Kingdom manufacturers to export goods required for the home market which have subsequently to be reimported, in order to take advantage of the exemption of export sales from margin control under the Government's inflation legislation.
§ Sir G. HoweI do not think that a general inquiry into the trade statistics would be practicable or helpful. I am aware of allegations of trading distortions in certain sectors. At present, I have no reason to believe these to be widespread. But I shall be glad to consider specific evidence and I am already looking into the special case of steel.