§ Mr. Sproat
asked the Secretary of State for Trade which sectors of trade with Community countries showed the worst deterioration in 1974 when compared with 1973.
§ Mr. Shore
The "crude" balance of trade with the EEC(8)—that is, exports f.o.b. less imports c.i.f.—worsened by £1,047 million between 1973 and 1974. The major commodity groups contributing to this deterioration are given in the following table:
Change in crude trade balance with EEC(8) between 1973 and 1974 £ million Total trade 1,047 of which Meat and meat preparations(Division 01, SITC(R)) 101 Dairy products and eggs (Division02, SITC(R)) 140 Cereals and cereal preparations(Division 04, SITC(R)) 156 sugar preparations and honey (Division 06, SITC(R)) 65 Mineral fuels, lubricants and and related materials (Section 3, SITC (R)) 166 Plastic materials, regenerated cellulose and artificial resins (Division 58, S1TC (R)) 81 Iron and steel (Division 67,SITC (R)) 220
The crude balance is not the best measure of the balance of trade in goods because, inter alia, of differences in valuation. However, figures on a balance of payments basis are not available.