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Balance Of Payments (Oil)

Volume 164: debated on Monday 8 January 1990

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To ask the Secretary of State for Trade and Industry whether he will publish a table showing in current and 1985 prices the balance of payments surplus with the European Community in (a) crude oil and in other petroleum products and (b) other goods in 1970, 1979, 1985, 1988 and the current year to date.

I have been asked to reply.Estimates for trade with the EC on a balance of payments basis are available only at current prices. Information about trade in crude oil and other petroleum products is not readily available for the EC; the following table shows trade in all fuels as the closest available substitute.

Balance of trade with European Community countries1
Balance of payments basis£ billion, current prices
Fuels2Other GoodsTotal Trade
1970-0·1+0·2+0·1
1979+1·2-3·9-2·7
1985+9·2-11·6-2·5
1988+2·5-16·0-13·5
19893+1·5-13·4-11·9
1 Present membership in all years
2 SITC (Rev 3) Section 3
3 Not seasonally adjusted