§ Mr. Teddy Taylorasked the Minister for Trade what were the main factors which have caused the United Kingdom's balance of trade in manufactured goods to deteriorate with the European Community over the past 10 years; and what were the main factors which caused its balance in manufactured goods to improve with the rest of the world over the same period.
§ Mr. Peter Rees[pursuant to the reply, 28 February 1983, c. 2]: Balances are a poor indicator of changes in trade performance over this period, because of the large price movements which occurred. The balance of trade in manufactures with the EC should be considered in the context of the balance on visible trade and the current account balance with the EC which was better in the last three years than in any previous year since 1973. The EC also has been one of the United Kingdom's fastest growing export markets as is shown by the share of United Kingdom's exports accounted for by the EC which rose from 30 per cent. in 1972 to 41 per cent. in 1982.