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To ask the Chancellor of the Exchequer what contribution has been made to the UK's balance of trade by oil exports in each year from 1999 to 2004; and what contribution it is estimated will be made for each year between 2005 to 2010.
The UK runs a trade surplus in oil. In 2004 this surplus stood at £2 billion. In the same period, exports of oil accounted for 8.3 per cent. of total UK goods exports and 5.8 per cent, of total UK goods and services exports. The following table includes figures showing oil exports as a percentage of total exports from 1999–2004.
|Share of total goods exports (percentage)||Share of total goods and services exports (percentage)||Trade balance in oil (£ million)|
HM Treasury does not publish forecasts for trade in oil.