§ 38. Mr. Hoyleasked the Secretary of State for Trade what is the balance of payments position on United Kingdom trade with Japan.
§ Mr. ShoreIn the first 11 months of this year our "crude" trade deficit with Japan has been £325 million compared with a deficit of £251 million for the whole of 1974. Very rough estimates of our balance of invisible transactions with Japan, which include some elements of the crude balance such as freight and insurance, indicate that there was a United Kingdom surplus of some £200 million in 1974. Figures for 1975 are not available. Bilateral estimates of this kind are difficult to compile, and need to be interpreted with considerable care for the reasons given by my right hon. Friend the Paymaster-General in his reply 491W to my hon. Friend the Member for Redcar (Mr. Tinn) on 2nd December last.