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Oil Exports

Treasury written question – answered on 26th May 2005.

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Photo of John Hemming John Hemming Liberal Democrat, Birmingham, Yardley

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.

Photo of John Healey John Healey The Financial Secretary to the Treasury

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.

Oil exports, value
Share of total goods exports (percentage) Share of total goods and services exports (percentage) Trade balance in oil (£ million)
1999 6.1 4.6 4,448
2000 6.5 4.9 6,536
2001 6.0 4.4 5,579
2002 4.3 3.0 5,738
2003 5.5 3.8 4,124
2004 8.3 5.8 1,954

Source:

Office for National Statistics

HM Treasury does not publish forecasts for trade in oil.

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