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Oil (Trade Deficit)

Volume 884: debated on Friday 24 January 1975

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asked the Secretary of State for Trade what was the total net cost of imports to the British balance of payments in 1973 and 1974.

The deficit on trade in oil—i.e., petroleum and petroleum products—measured on a balance of payments basis was £943 million in 1973 and £3,491 million in 1974. More detailed information can be obtained from Table 9 of the Press notice "The Current Account of the United Kingdom Balance of Payments" for December 1974, which was published on 15th January 1975.