§ Mr. Austin MitchellTo ask the President of the Board of Trade what was the implied degree of change in the United Kingdom share of world trade between the latest available three months and the same period in 1990; what were the corresponding changes in the level of exports to the rest of the EC and non-EC countries; what is the estimated change in the import content of United Kingdom exports since 1990; what is his assessment of the extent to which the change in both the nominal and real exchange rate for sterling against the ecu is responsible for that performance; and if he will publish a table showing the terms of trade and relative volume for United Kingdom trade in finished manufactures with the rest of the EC, non-EC and all countries in the latest three months, the third quarter of 1992, the third quarter of 1990, the first quarter of 1987, the second quarter of 1979 and the second half of 1973.
§ Mr. NeedhamThe United Kingdom share of world trade can be readily derived from information regularly published in "Direction of Trade Statistics", published by the International Monetary Fund, a copy of which is available in the Library of the House. United Kingdom exports to the rest of the EC, non-EC and all countries, together with the associated terms of trade and volumes for United Kingdom trade in finished manufactures may be readily derived from data held on the Central Statistical Office data base, which can be accessed from the Library of the House. Estimates of the import content of United Kingdom exports since 1990 are not available.
United Kingdom exports are now around 20 per cent. more cost competitive than prior to exchange rate mechanism withdrawal. This is clearly of benefit to United Kingdom exporters. However, the United Kingdom export 41W performance must be viewed in the light of the weakness of the economies of our major EC trading partners. Nor should we lose sight of the fact that it is tight control over costs which determine the competitiveness of the United Kingdom economy in the long run.