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Indices Of Competitiveness

Volume 972: debated on Monday 22 October 1979

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asked the Chancellor of the Exchequer (1) if he will publish in the Official Report a table showing (a) for each year from 1948 to 1978 and for each quarter from the beginning of 1976 the five indices of competitiveness used by his Department plus the United Kingdom share of extra-EEC trade in manufactures based on trade in, respectively, 1961, 1970 and 1975 and (b) for each of these three series the rank and degree of correlation between each of the five measures of competitiveness and the share of extra-EEC trade, assuming a lag of six months and 12 months between changes in price and changes in volume;(2) if he will publish in the

Official Report a table showing ( a) for each year from 1948 to 1978 and for each quarter from the beginning of 1976 the five indices of competitiveness used by his Department plus the United Kingdom terms of trade and relative volume for manufactures based on trade in, respectively, 1961, 1970 and 1975 and ( b) for each of these three series the rank and degree of correlation between each of the six measures of competitiveness and the relative volume, assuming a lag of six months and 12 months between changes in prices and changes in volume.

asked The information which is readily available is set out in the table below. The definitions of the measures of competitiveness are given in Economic Trends and in the Monthly Review of External Trade Statistics—MRETS—where the most recent figures are published regularly. Information on the United Kingdom's share of trade in various markets is published in the MRETS. I regret that the remaining parts of these questions could only be answered at disproportionate cost.

Index numbers 1975 = 100

Relative export prices

Import price competitiveness

Relative wholesale prices

Relative normal unit labour costs

Relative profitability of exporting

Terms of trade in manufactures

Relative volume of trade in manufactures

(OTS basis)

195489261
195598·596·383225
195699·595·185237
195799·694·494231
1958102·294·3100218
1959103·293·597199
1960103·193·996156
1961103·192·298165
1962105·292·5101162
1963106·393·9102161
1964106·393·5101137
1965108·894·3101144
1966111·195·6102141
1967110·096·7103122
1968103·5100·998119
1969102·8100·897127
1970103·9102·7100·299120
1971106·2105·995·9103119
1972106·2104·595·5105103
197397·595·995·792·498·29697
197496·0100·595·696·498·69397
1975100·0100·0100·0100·0100·0100100
197697·693·793·892·6103·699100

Index numbers 1975 = 100

Relative export prices

Import price competitiveness

Relative wholesale prices

Relative normal unit labour costs

Relative profitability of exporting

Terms of trade in manufactures

Relative volume of trade in manufactures

(OTS basis)

1977103·096·499·888·8103·610198
197897·495·4103·910388
1976—
First quarter102·097·3100·6100·7100·9101104
Second quarter96·494·193·293·1102·59898
Third quarter97·992·892·791·7104·49899
Fourth quarter94·290·588·684·7106·29798
1977—
First quarter98·894·496·188·2103·79999
Second quarter102·296·998·887·3103·410093
Third quarter103·696·8100·888·2103·6102103
Fourth quarter107·297·4103·591·6103·510397
1978—
First quarter110·598·9107·095·8102·910491
Second quarter104·296·9100·893·1103·310384
Third quarter107·496·9102·295·8104·210389
Fourth quarter96·996·8105·210388
1979—
First quarter98·698·7104·910477
Second quarter107·1101·710780

Note: The information used in compiling these estimates has been linked as necessary. The quality of the estimates for earlier years is lower than that for the ater years.