EEC (Balance of Trade)

HC Deb 26 February 1975 vol 887 cc195-6W

Mr. Luard

asked the Secretary of State for Trade what percentage of United Kingdom trade was trade with the EEC in 1972, 1973 and 1974—first nine months—and what percentage of the United Kingdom deficit on current account was the current account deficit with the EEC in those years.

Mr. Deakins

United Kingdom trade, that is, the sum of imports and exports on a balance of payments basis, with the EEC(8) accounted for 31 per cent., 33 per cent. and 34 per cent. of trade with the world as a whole in 1972, 1973 and the first nine months of 1974 respectively. It is not possible to reply to the second part of the Question since there are as yet no estimates of our invisible transactions with the EEC, and therefore it is not possible to compile a current account balance with the EEC.

Mr. Luard

asked the Secretary of State for Trade what was the United Kingdom's balance of trade in invisible items with the EEC in 1972 and 1973; and what is the estimate for 1974.

Mr. Dell

I have been asked to reply. Estimates of invisible trade with the EEC are not at present available.