§ Mr. Gouldasked the Chancellor of the Exchequer what were the terms of trade for manufactures, semi-manufactures and finished manufactures for each quarter from 1st January 1976 to the present date on the basis of the trade pattern in 1970 and 1975, respectively; and what were the corresponding figures for relative volume.
§ Mr. MeacherI have been asked to reply.
Following is the available information:
797WThe 1975-based index numbers differ from those based on 1970 for a number of reasons:
- (a) The two sets of index numbers have been derived from different weighting patterns, reflecting the composition of trade in manufactures in 1970 and 1975.
- (b) A number of classification changes coincided with the introduction of the 1975-based series, in particular the second revision of the Standard International Trade Classification (SITC Rev 2) replaced the first revision (SITC Rev 1) which had been used for the 1970-based series.
- (c) The 1975-based series was derived from a different sample selection of headings in the Tariff and Overseas Trade Classification from those underpinning the 1970-based series.
798 - (d) A number of improvements in methodology were made for the 1975-based series.