Below is the text of Mr Major’s written Parliamentary Answer on Exports and Imports on 10th March 1988.
Mr. Fatchett To ask the Chancellor of the Exchequer what was the growth in the volume of United Kingdom exports in the last financial year; what was the growth in the volume of imports; and what was the effect on the balance of payments.
Mr. Major In the financial year 1986–87 the volume of exports of goods grew by 6.5 per cent. on the previous year while the volume of imports of goods grew by 8.5 per cent. The current account of the balance of payments moved from a surplus of £3.8 billion in 1985–86 to a deficit of £1.1 billion in 1986–87.