§ Mr. Mike Thomasasked the Secretary of State for Trade what is the method followed by his Department in calculating trade figures on a balance of payments basis; and if he will provide figures for the United Kingdom non-oil trade on this basis for 1972, 1973 and 1974, respectively with the EEC, EFTA, the Commonwealth, Japan, the United States of America and the rest of the world, respectively.
§ Mr. Shore, pursuant to his reply [Official Report, 17th February 1975; Vol. 886, c. 291], gave the following information:
The methods followed in adjusting the recorded trade figures published in the monthly "Overseas Trade Statistics of the United Kingdom" to a balance of payments basis are described on pages 62–66 of the "United Kingdom Balance of Payments 1963–1973".
The geographical analysis of total trade on a balance of payments basis is limited to broad groupings because of the complexities of the adjustments involved. For non-oil trade, figures have recently been compiled only for trade with the world as a whole—1970 to 1974—and, to meet particular needs, for trade with the EEC—1973 and 1974 only—which accounts for a third of our total non-oil trade. The figures for 1973 and 1974 are:
TRADE IN GOODS OTHER THAN OIL £ million, balance of payments basis 1973 1974* All countries— Exports 11,114 14,762 Imports 12,515 16,413 Balance -1,401 -1,651 EEC (8)— Exports 3,433 4,651 Imports 4,510 6,467 Balance -1,077 -1,816 * Provisional. Figures on an overseas trade statistics basis of exports fob and imports cif of goods other than oil are published in the Annual Statement of Trade for 1972 and in the December issues of the Overseas Trade Statistics of the United Kingdom 37W for 1973 and 1974 but the difference between these figures—the crude balance—is generally a less satisfactory measure
TRADE IN GOODS OTHER THAN OIL £ million, Overseas Trade Statistics b[...] 1972 1973 1974 All countries— Exports (fob) … … … … … 9,526 12,115 15,798 Imports (cif) … … … … … 9,972 14,173 18,583 Crude Balance … … … … -446 -2,058 -2,785 EEC(8)— Exports (fob) … … … … … 2,826 3,852 5,094 Imports (cif) … … … … … 3,317 4,928 7,032 Crude Balance … … … … -491 -1,076 -1,938 EFTA— Exports (fob) … … … … … 1,278 1,637 2,056 Imports (cif) … … … … … 1,600 2,351 2,955 Crude Balance … … … … -322 -714 -899 Commonwealth— Exports (fob) … … … … … 1,827 2,056 2,691 Imports (cif) … … … … … 2,036 2,581 2,991 Crude Balance … … … … -209 -525 -300 Japan— Exports (fob) … … … … … 171 272 316 Imports (cif) … … … … … 315 443 569 Crude Balance … … … … -144 -171 -253 USA— Exports (fob) … … … … … 1,204 1,500 1,742 Imports (cif) … … … … … 1,161 1,597 2,219 Crude Balance … … … … +43 -97 -477 Rest of the World— Exports (fob) … … … … … 2,221 2,798 3,899 Imports (cif) … … … … … 1,543 2,273 2,819 Crude Balance … … … … +678 +525 +1,080