§ Mr. Austin Mitchellasked the Minister for Trade whether he will publish in the Official Report a table showing for the EEC six and for the rest of the world the United Kingdom balance of trade in the four months ending January 1983, on an annual basis, for (a) manufactures less precious stones and (b) goods less crude oil and precious stones.
§ Mr. Peter ReesThe information is in the table.
The figures are not available on a balance of payments basis for January. They can therefore only be given on the overseas trade statistics basis. They can therefore be seriously misleading as figures on this basis, unlike balance of payments figures, measure imports—but not exports — inclusive of freight and insurance costs. Imports are thus over-valued in comparison with exports. Deficits would be smaller, and surpluses greater, if both imports and exports were measured exclusive of freight and insurance.
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United Kingdom Crude Balance of Trade October 1982—January 1983, at Annual Rate £ million OTS basis United Kingdom Trade with: EC6 Rest of World Manufactures* -6,853 +5,550 less precious stones† Total Trade -7,465 +576 less crude oil‡ and precious stones† * Standard International Trade Classification Sections 5 to 8 † Standard International Trade Classification Division 66 ‡ Standard International Trade Classification heading 333 Source: Overseas Trade Statistics
§ Mr. Austin Mitchellasked the Minister for Trade how the United Kingdom deficit on trade in manufactures with Japan compares with the European Economic Community deficit in total and per capita.
§ Mr. Peter ReesThe information is in the table.
The figures are not available, throughout the period, on a balance of payments basis. They can therefore only be given on the overseas trade statistics basis. They can therefore be seriously misleading as figures on this basis, unlike Balance of Payments figures, measure imports—but not exports — inclusive of freight and insurance costs. Imports are thus over-valued in comparison with exports. Deficits reduce if both imports and exports are measured exclusive of freight and insurance.
Crude Deficit on Trade in Manufactures* with Japan, January—June 1982 '000 ECU's† Total Crude Deficit Crude Deficit per capita‡ United Kingdom 1,487,266 27 European Community 5,899,428 22 * Taken as Standard International Trade Classification, sections 5 to 8 †1 ECU = £0.56 ‡Based on population in 1981 Sources:
Eurostat—Monthly External Trade Bulletin 1982
OECD Main Economic Indicators (April 1983)
§ Mr. Austin Mitchellasked the Minister for Trade if he will publish in the Official Report a table showing (a) the level of export subsidies and import surcharges in 1965 and now and (b) the average level of the United Kingdom tariff on manufactures on imports from the European Economic Community in 1965 and now; and how the balance of trade in manufactures with the European Community and the world generally in 1982 compares with 1965 in terms of 1982 prices.
§ Mr. Peter ReesThis information is not readily available in the form requested.