§ Mr. Gouldasked the Secretary of State for Trade and Industry what was the United Kingdom deficit on trade in manufactures with the European Community and with the rest of the world on a balance of payments and on an overseas trade statistics basis in 1970, 1982 and the first five months of the current year at an annual rate.
§ Mr. ChannonThe information is as follows:
United Kingdom balance of trade in manufactures* £ million OTS basis† BOP basis† Other EC countries‡ Rest of the world Other EC countries‡ Rest of the world 1970 +463 +1,771 +531 +2,031 1982 -4,970 +5,203 -4,301 +6,857 January-May 1983 at annual rate║ -7,726 +1,746 -6,945 +3,474 Notes
* Standard International Trade Classification, sections 5 to 8.
† The main difference between the overseas trade statitistics (OTS) basis and the balance of payments (BOP) basis is that on the former, imports, but not exports, are valued inclusive of insurance and freight costs, whereas on the latter both imports and exports are valued exclusive of insurance and freight.
‡ The present 10 member countries of the European Community throughout.
║ Annualised figures are unrealiable as a guide to the out-turn for the year.
Sources:
Her Majesty's Customs and Excise: Overseas Trade Statistics of the United Kingdom.
Department of Trade and Industry.