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Eec Countries

Volume 887: debated on Monday 24 February 1975

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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 United States of America and the rest of the world, respectively.

, pursuant to his reply [Official Report, 17th February 1975; Vol. 886, c. 291], gave the following information:The methods followed in adjusting the recorded trade figures published in the monthly "Overseas Trade Statistics of the United Kingdom" to a balance of payments basis are described on pages 62–66 of the "United Kingdom Balance of Payments 1963–1973".The geographical analysis of total trade on a balance of payments basis is limited to broad groupings because of the complexities of the adjustments involved. For non-oil trade, figures have recently been compiled only for trade with the world as a whole—1970 to 1974—and, to meet particular needs, for trade with the EEC—1973 and 1974 only—which accounts for a third of our total non-oil trade. The figures for 1973 and 1974 are:

TRADE IN GOODS OTHER THAN OIL
£ million, balance of payments basis
19731974*
All countries—
Exports11,11414,762
Imports12,51516,413
Balance-1,401-1,651
EEC (8)—
Exports3,4334,651
Imports4,5106,467
Balance-1,077-1,816
* Provisional.
Figures on an overseas trade statistics basis of exports fob and imports cif of goods other than oil are published in the Annual Statement of Trade for 1972 and in the December issues of the Overseas Trade Statistics of the United Kingdom for 1973 and 1974 but the difference between these figures—the crude balance—is generally a less satisfactory measure
TRADE IN GOODS OTHER THAN OIL
£ million, Overseas Trade Statistics b
197219731974
All countries—
Exports (fob)9,52612,11515,798
Imports (cif)9,97214,17318,583
Crude Balance-446-2,058-2,785
EEC(8)—
Exports (fob)2,8263,8525,094
Imports (cif)3,3174,9287,032
Crude Balance-491-1,076-1,938
EFTA—
Exports (fob)1,2781,6372,056
Imports (cif)1,6002,3512,955
Crude Balance-322-714-899
Commonwealth—
Exports (fob)1,8272,0562,691
Imports (cif)2,0362,5812,991
Crude Balance-209-525-300
Japan—
Exports (fob)171272316
Imports (cif)315443569
Crude Balance-144-171-253
USA—
Exports (fob)1,2041,5001,742
Imports (cif)1,1611,5972,219
Crude Balance+43-97-477
Rest of the World—
Exports (fob)2,2212,7983,899
Imports (cif)1,5432,2732,819
Crude Balance+678+525+1,080