Is it time for the UK to join the euro?

[JR-]

As a matter of clarification, I got the answer from the ONS on the total value of UK trade in goods and services for the year of 2007 with the EU, which now stands comparison with the worldwide figures.

Dear Me,

Your e-mail enquiry of 11 December has been passed to me for reply.

The EU total trade in goods and services figures you request for 2007 are
as follows:

Imports: £223,977m (= Goods £169,143 + Services £54,834)
Exports: £187,114m (= Goods £127,678 + Services £59,436)
Balance: £36,863 (my addition)

Kind regards

Him

Versus World Figures -

Imports: £415 817m (= Goods £309 955 + Services £105,862)
Exports: £368 337m (= Goods £220 703 + Services £147,634)
Balance: £47 480

So the EU represents:
54% of our imports
51% of our exports

Regarding the importance of service trade:
Our services exports to the EU represent 1/3 of the total exports, versus only one quarter of service imports from the EU, making the competitive advantage of service industries of comparatively greater importance to the UK than it is to the EU.
Likewise our service exports to the world represent 2/5 of the total exports, versus only one quarter of service imports from the world, making any EU derived harmonization of service industry regulation particularly damaging to UK trade.

On balance of payments:
77% of the UK's balance of trade defecit is with the EU
The UK actually maintains a surplus with the EU when the balance of service trade is considered.

In short; the EU represents half of the total value of external trade conducted by Britain.