§ 28. Mr. SpringTo ask the President of the Board of Trade by how much the United Kingdom deficit with countries outside the EU changed in 1994; and to what factors he attributes this.
§ Mr. Ian TaylorIn 1994, the value of the visible trade deficit of the United Kingdom with countries outside the European Union was reduced by £2.7 billion, reaching its lowest level since 1987. UK exports to these countries increased in value by 10 per cent. in 1994 while imports increased by 5 per cent. UK exports are now at record levels both in terms of value and volume. This has been achieved by UK companies manufacturing goods that are competitive in quality and price in international markets.