§ Paddy TippingTo ask the Chancellor of the Exchequer what proportion of British overseas trade takes place using the euro. [59111]
§ Ruth Kelly[holding answer 24 May 2002]: Customs and Excise conduct an annual survey of trade invoices used by British business for the import and export of goods between the UK and the rest of the world. The survey indicates the extent to which UK traders use the euro as a means of payment for international trade.
The most recent figures are for 2000 and show that 9 per cent. of EU trade was invoiced in euros, compared to 50 per cent. in sterling. For non-EU trade, 1 per cent. was invoiced in euros, compared to 54 per cent. in US dollars.
The results for 2001 will be released by end June.