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Non-Oil Trade Deficit

Volume 885: debated on Monday 3 February 1975

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asked the Secretary of State for Trade what was the percentage increase in Great Britain's non-oil trade deficit with the EEC, EFTA, the Commonwealth, the United States of America and the rest of the world, respectively, between 1972 and 1974.

On an overseas trade statistics basis the percentage changes between 1972 and 1974 in our crude trade deficits with the EEC(8), EFTA and the Commonwealth were +294, +180 and +43 respectively. There was a surplus of £42 million in our non-oil trade with the United States of America in 1972 and a deficit of £477 million in 1974. For the rest of the world there was a surplus in both 1972 and 1974, the percentage increase between the two years being +55.