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Balance Of Trade

Volume 887: debated on Monday 3 March 1975

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asked the Secretary of State for Trade if he will provide balance of trade figures for 1974 or other recent available period in regard to exports and imports vis-à-vis the United Kingdom and South Africa, Chile, Brazil, Turkey, China, the USSR, Czechoslovakia and Poland, respectively.

Balance of trade figures are not available with individual countries on a balance of payments basis. The crude trade deficit with each of these countries in 1974 can be obtained from figures of imports cif and exports fob in Tables II and V respectively in the December 1974 issue of the monthly Overseas Trade Statistics. The crude trade deficit—the difference between imports cif and exports fob—is not a good measure of the balance of trade in goods because, inter alia, of difference in valuation.

asked the Secretary of State for Trade what percentage the United Kingdom's non-oil crude trade deficit with the EEC—the Six—was of its total non-oil deficit in 1972, 1973 and 1974, respectively.