§ Mr. Marlowasked the Secretary of State for Trade and Industry what are the latest monthly and annual figures for the balance of manufacturing trade between the United Kingdom and the rest of the Community; and how they have changed in the last 12 months.
§ Mr. Alexander FletcherThe information is as follows:
United Kingdom trade in manufactures* with other European Community countries Crude balances £ million, OTS basis 12 months ending May 1982 May 1983 May 1982 May 1983 -439 -672 -4,303 -6,191 Notes:
* Standard international trade classification sections 5 to 8.
These figures are on the Overseas Trade Statistics (OTS) rather than the Balance of payments (BOP) basis which are available only quarterly. The main difference is that on the OTS basis imports, but not exports, are valued inclusive of insurance and freight whereas on the BOP basis both imports and exports are valued exclusive of insurance and and freight. For comparison purposes, the deficit on trade in manufactures with the European Community in the first quarter of 1983 was £1.9 billion on an OTS basis and £1.7 billion on a BOP basis.