§ Mr. Gouldasked the Secretary of State for Trade what was the index of the United Kingdom's competitiveness with the EEC Six in the case of exported manufactures in the years 1970 to the present; what was the reduction in the average level of tariffs on manufactures imported from the Six over that period; and what was the United Kingdom's trade deficit with the Six on manufactures over that period.
§ Mr. MeacherFollowing are the figures:
Crude balance of trade* in manufactured goods with the EEC Six £ million Trade competitiveness index with the EEC Six† 1970 = 100 1970 +161 100.0 1971 +84 101.5 1972 -198 100.5 1973 -584 89.3 1974 -995 90.0 1975 -961 91.4 * The crude balance of trade is the difference between exports fob and imports cif. † United Kingdom prices of manufactured goods in U.S. dollars as a percentage of the weighted average of manufactured export prices of the countries of the EEC Six. Figures of the average level of tariffs on manufactured goods are not readily available. The reduction in the average level of tariffs on industrial products (chapters 25–99 of the United Kingdom tariff) imported from the Six over the period 1970–75 has been 70 per cent.
§ Mr. Gouldasked the Secretary of State for Trade what was the index figure for trade competitiveness in the years 1954 to 1975 for manufactured goods; what was the rate of growth of imports relative 698W to the growth of exports in each year; and what is his estimate, using known rates of inflation and changes in exchange rates of United Kingdom competitiveness at the present time.
§ Mr. MeacherThe figures are as follows:
Ratio of growth of imports to growth of exports* Competitiveness index† (1970 = 100) 1954 2: 4 n.a. 1955 13: 10 93.1 1956 -2: 10 94.1 1957 6½: 4 94.2 1958 -4½: 3 96.7 1959 8: 3½ 97.6 1960 14: 6 97.5 1961 -2½: 4½ 97.5 1962 1½: 2½ 99.5 1963 6½: 7½ 100.5 1964 15: 5½ 100.7 1965 1: 7 102.7 1966 4: 7½ 105.0 1967 8: -1 104.5 1968 22: 22 98.2 1969 4: 13 97.9 1970 9½: 12 100.0 1971 7½: 11 102.4 1972 15: 4 102.6 1973 43:29 93.9 1974 50: 35 92.9 1975 4: 18 96.1 * The percentage change on the previous year for total imports and exports respectively on a balance of payments basis. † United Kingdom export prices of manufactured goods, in U.S. dollars, as a percentage of the weighted average of our major competitors' export prices of manufactures, also expressed in dollars. Information on competitiveness is not available beyond the first quarter of this year when the index is provisionally estimated to have been 100.0. Since then our export prices in terms of US dollars have fallen following the sterling depreciation—in October they were 4 per cent, below the average level in the first quarter of this year.