HC Deb 14 May 1984 vol 60 cc14-5W
Mr. Wareing

asked the Secretary of State for Trade and Industry if he will list the balance of trade in oil for each year since 1974.

Mr. Channon

The crude balance of trade in petroleum, petroleum products and related materials has been as follows:

£ million
SITC (Rl)
1975 -3,439
1976 -4,350
1977 -3,098
SITC (R2)
1977 -3,110
1978 -2,269
1979 -1,071
1980 +60
1981 + 2,872
1982 +4,409
1983* +6,787
* Provisional.

Source:

United Kingdom Overseas Trade Statistics, SITC division 33.

Notes:

  1. (a) The crude balance is the difference between exports valued fob and imports valued cif.
  2. (b) Trade in 1975 and 1976 is allocated in accordance with the first revision of the standard international trade classification (SITC/ R1), and from 1978 onwards in accordance with the second revision (SITC/R2). For purposes of comparison, trade in 1977 is shown on both bases.