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Eec Countries

Volume 886: debated on Monday 17 February 1975

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asked the Secretary of State for Trade whether there has been any increase in the percentage of Great Britain's advance balance of payments accounted for by trade with EEC countries during the last months for which figures are available.

Exempting trade in oil, the deficit with the EEC Eight on a balance of payments basis accounted for 152 per cent. of total trade deficit in the second half of 1974, as compared with 81 per cent. in the first half of the year.


asked the Secretary of State for Trade whether he can now state what was the visible trade deficit of the United Kingdom with the previous EEC Six in the full 12 months of 1974, if possible in balance of payments terms; and what percentage this represented of the United Kingdom's total non-oil trade deficit in the same period and on the same basis.

On a balance of payments basis the visible trade deficit with the EEC Six in 1974 is provisionally estimated to have been £1,946 million, of which £1,659 million was in trade in non-oil goods. This latter represents 100 per cent. of our total non-oil trade deficit.

asked the Secretary of State for Trade if he will place in the Library the supporting figures on which he bases his calculations that 96 per cent. of the United Kingdom's non-oil trade deficit on a balance of payments calculation is accounted for by trade with the EEC.

The figure of 96 per cent. related to trade with the EEC(8) in the first nine months of 1974. For the year as a whole the corresponding figure is provisionally estimated at 110 per cent., based on the following provisional figures:

£ million, balance of payments basis
All countries14,76216,413-1,651
Firmer figures will be available in about six weeks and will be included in an article in "Trade and Industry", a copy of which will be placed in the Library.

asked the Secretary of State for Trade what is the method followed by his Department in calculating trade figures on a balance of payments basis; and if he will provide figures for the United Kingdom non-oil trade on this basis for 1972, 1973 and 1974, respectively with the EEC, EFTA, the Commonwealth, Japan, the USA and the rest of the world, respectively.