HC Deb 04 November 1997 vol 300 cc101-2W
Dr. Fox

To ask the Chancellor of the Exchequer what(a) proportion and (b) value of Britain's trade was conducted in (i) German marks, (ii) United States dollars and (iii) other European currencies in each of the last five years for which figures are available. [13764]

Mrs. Liddell

The following two tables show the most recent official data on currency of invoice other than sterling, relating to 1984–1988. The data requested are only available for US dollars. Data for individual European currencies other than sterling are not available, although a special exercise to determine Deutschmark usage suggested that, in 1987 and 1988, this was 4 per cent. for exports and 14 per cent. for imports.

Percentage of UK trade denominated in dollars and currency of partner country
Year Denominated in dollars Denominated in currencies of partner countries
Exports2 Imports3 Exports Imports
1984 15 25 22 41
1985 18 24 23 43
1986 20 17 26 46
1987 19 13 24 46
1988 15 16 24 41
1Including US for US/UK trade.
2Export data based on November transactions except for 1987 which is based on May data.
3Import data based on September transactions, except for 1987 which is based on March data.
Value of UK trade denominated in dollars and currency of partner country
£ million
Year Denominated in dollars Denominated in currencies of partner countries1
Exports Imports Exports Imports
1984 13,745 24,440 20,159 40,083
1985 18,367 23,757 23,469 42,565
1986 19,577 17,207 25,450 46,562
1987 20,215 14,526 25,535 51,399
1988 16,091 19,967 25,745 51,166

Source:

"British Business" 17 January 1986 and 24 April 1987 (DTI) and "Business

Bulletin"

15 December 1989 (CSO).

Note:

1Including US for US/UK trade.

Dr. Fox

To ask the Chancellor of the Exchequer what(a) proportion and (b) value of Britain's trade was denominated in sterling in each of the last five years for which figures are available. [13763]

Mrs. Liddell

The following table shows the most recent official data on currency of invoice, relating to 1984–1988.

Proportion and value of UK trade denominated in sterling (1984–1988)
Proportion of trade (Per cent.) Value of trade (£million)
Year Exports1 Imports2 Exports Imports
1984 63 34 57,728 33,239
1985 59 32 60,204 31,676
1986 54 37 52,858 37,452
1987 57 40 60,646 44,695
1988 62 43 66,509 53,662

Source:

"British Business" 17 January 1996 and 17 April 1987 (DTI) and "Business Bulletin" 15 December 1989 (CSO).

Notes:

1Export data based on November transactions, except for 1987 which is based on May data.

2Import data based on September transactions, except for 1987 which is based on March data.