Trade Balance
Trade and Industry
Rob Wilson (Reading East, Conservative)
To ask the Secretary of State for Trade and Industry what the UK trade balance was in the latest period for which figures are available; and if he will make a statement.
Ian McCartney (Minister of State (Trade & Investment), Department of Trade and Industry; Makerfield, Labour)
The UK trade balance was £4.7 billion in deficit in November 2006 (the most recent period for which figures are available from the ONS), up from £4.1 billion in October 2006, as a small rise in exports (up 0.5 per cent.) was outweighed by a larger rise in imports (up 2.3 per cent.).
Total UK exports (goods and services) were £326 billion in 2005—up 9 per cent. on 2004. There was a strong performance in both goods (up 11 per cent.) and services (up 6 per cent.).
The stock of inward investment in the UK rose to £483 billion at the end of 2005, a rise of £119 billion over the stock at the end of 2004.
The UK is the second most popular destination for inward investment in the world (behind the US).
Annotations
Johanna Kaschke
Posted on 19 Jan 2007 12:57 pm (Report this annotation)
One should ask how much of this trade imbalance is being contributed to by the out-sourcing of administrative, secretarial and phone services to India. Our company could carry out these tasks in the UK, provide regeneration for the London Borough of Tower Hamlets and reduce the rate of unemployment within the UK. If these tasks were carried out in the UK employees would pay contributions and taxes, which in turn would help reduce the pensions crises. http://www.whizz.uk.com