§ Mr. Gouldasked the Secretary of State for Trade what was the United Kingdom's deficit/surplus in trade in manufactures with each EEC country in 1975; what are the comparable figures for 1976 at an annual rate; and to what extent these figures reflect the undervaluation of sterling in relation to the currencies of these countries.
§ Mr. MeacherThe following are the figures:
UNITED KINGDOM CRUDE TRADE BALANCE* IN MANUFACTURED GOODS WITH OTHER MEMBER COUNTRIES OF THE EEC £ million 1975 Overseas trade statistics basis not seasonally adjusted January-October 1976 at annual rates West Germany -745 -989 France -161 -140 Italy -190 -189 Netherlands +14 +7 Belgium/Luxembourg +122 +244 Denmark +128 +224 Irish Republic +288 +388 * The crude trade balance is exports fob less imports cif. In a situation of floating rates it is not the Government's practice to comment on the current valuation of sterling.