08.04.

05

EXPLANATORY NOTE – THE BANK OF ENGLAND’S NEW STERLING

EXCHANGE RATE INDEX (ERI)

This explanatory note provides background briefing to the accompanying press announcement.

1 Why we have updated the sterling ERI

The weights in the existing sterling ERI were obtained from the IMF, and were last updated in 1995
based on patterns in manufactured goods trade between 1989 and 1991. The current trade weights
have become increasingly out of date; in particular they do not reflect recent growth in UK trade with
Asian countries and the expansion of trade in services. The new method will allow us to update the
weights annually, as a chain-linked series rather than a fixed-weight series, and so remain relevant to
trade flows as they change over time.

2 The calculation method

It is still a trade-weighted effective exchange rate, so the weights are based on trade flows. Using the
USA as an example, we take account of i) competition in the UK domestic market from imports from
the USA, ii) competition between UK exports and US products in the USA, and iii) competition
between UK and US exports in third country markets.

What is new is that we are including services trade, have a larger country set, and the country set and
weights for each country are allowed to change over time to reflect changing trade patterns, giving an
annually chain-linked index. The calculation is explained more fully within the article “The new
sterling ERI” in the Winter 2004 Quarterly Bulletin, on pages 429-441. Feedback on the article was
positive so the method is essentially unchanged since then.

We are also publishing a new broad measure of the ERI that includes an even wider set of countries.
To be included in the ERI a country must account for more than 1% of either UK imports or exports
(based on a 3-year average of annual data). That threshold is lowered to 0.5% for the broad index.

It is important to note that both the ERI and broad ERI are nominal effective exchange rates. So, for
example, the ERI could appreciate in nominal terms because trading partners had higher inflation rates
that were offset by currency depreciation, without sterling’s real effective exchange rate appreciating.

3 Implications for monetary policy

The new ERI has a base period of January 2005 = 100, whereas the old ERI was based on 1990 = 100,
so the levels superficially will appear different. But using a common base period, on average there has
not been much difference historically (Chart A). Consequently the new ERI measures have only
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minimal implications for the MPC’s assessment of activity and inflationary pressure over the past (see
Box on page 7 of February 2005 Inflation Report).

4 The broad ERI

The new (nominal) broad ERI has appreciated by more than the existing ERI since 1995 (Chart B).
That is because it (often) includes countries that, while only having small weights in the ERI, have
experienced very significant currency depreciations. But these depreciations have been associated
with high inflation; once adjusted for inflation differentials – ie in real terms – there is much less
difference (see “real” lines in Chart B). For that reason the broad nominal measure will be a
misleading measure of changes in competitiveness over long periods of time. The standard ERI
measure will be less affected by this problem as for the most part it only includes countries that have
had similar inflation rates to those in the United Kingdom. The MPC has always looked at a range of
exchange rate measures and broad indices have been published on occasion in previous Inflation
Reports. We will be developing some real measures of sterling’s ERI for regular publication (probably
later this year), but as an example see Chart B below.

Chart A Chart B
New/old ERI from 1990, on new Jan 2005=100 ERI and Broad ERI measures
base (a) Indices: 1995=100 140
Indices: January 2005 = 100 135
110
130
105
125
100 120
95 115
110
Existing 90
Nominal ERI
New 105
85 Nominal Broad ERI
100
Real ERI (a)
80
Real Broad ERI (a) 95
75 90
1995 1997 1999 2001 2003 2005
70
1990 1995 2000 2005
(a) (a)
Nominal indices Calculated using bilateral exchange rates deflated by
relative consumer prices, combined using ERI weighting
methodology.

5 How the ERI will be published

The new ERI will be published five times per day, at 2-hourly intervals from 8am to 4pm, on the
Bank’s wire services pages, eg BOE/ERI on Reuters. (At these times we will continue to publish
indicative bilateral exchange rates for sterling against the dollar and euro.) The Bank will also publish
on its website, a daily series (using the 4pm London ‘close’ rates) for the ERI, broad ERI and bilateral
spot rates between the US dollar and all (currently 24) currencies in the broad ERI.
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6 Countries included in the new ERI and the broad ERI

The list of countries in the old ERI, new ERI and broad ERI, along with their respective weights, are
set out in Table 1 below, and will be maintained on the Bank’s website. Historical lists of countries
and weights are shown in Annex A.

Table 1 – ERI country sets and weights

Existing New Broad

ERI ERI* ERI*
Australia 0.5% 1.4% 1.3%
Canada 1.4% 1.9% 1.7%
China 0.0% 3.5% 3.2%
Denmark 1.4% 1.3% 1.2%
Euro area 65.1% 55.2% 51.6%
Hong Kong 0.0% 1.8% 1.7%
Japan 7.0% 4.9% 4.5%
South Korea 0.0% 1.4% 1.2%
Norway 1.2% 1.1% 1.1%
New Zealand 0.2% 0.0% 0.0%
Singapore 0.0% 1.4% 1.3%
South Africa 0.0% 1.2% 1.1%
Sweden 3.5% 2.2% 2.1%
Switzerland 3.3% 2.8% 2.6%
Turkey 0.0% 1.2% 1.1%
United States of 16.5% 18.8% 17.5%
America

Czech Republic 0.0% 0.0% 0.7%

India 0.0% 0.0% 1.3%
Israel 0.0% 0.0% 0.5%
Malaysia 0.0% 0.0% 0.7%
Poland 0.0% 0.0% 0.8%
Russia 0.0% 0.0% 0.7%
Saudi Arabia 0.0% 0.0% 0.5%
Thailand 0.0% 0.0% 0.7%
Taiwan 0.0% 0.0% 0.9%
* latest weights based on 2003 trade data

7 The updating process

The intention is to update the ERI weights once a year – probably in the Spring. We will then publish
the new list on our website (under Statistics / Monetary and Financial Statistics Interactive Database /
Interest & Exchange Rates / Effective exchange rates).
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8 Publication of the old sterling ERI and the other non-sterling ERIs

For a limited period we will continue to publish the old sterling ERI on the Bank’s website each day.
That is likely to cease at the end of 2005.

The Bank of England also currently publishes ERIs for ten other currencies (the constituents of the old
ERI) on a daily basis using the existing IMF trade weights. It would not be possible for the new
method for the sterling ERI to be applied to all these other countries (for example, because of lack of
detailed bilateral services trade data). Some market participants have told us that they find these other
‘Bank of England’ ERIs useful, but we are also aware that ERIs for these other currencies are normally
published by the ‘home’ central banks, often with more up-to-date weights. For the time being, we
will continue to publish these ten non-sterling ERIs based on the current IMF trade weights (1989-91
trade data), but will review this when the IMF next update their trade weights – expected later this
year.

9 Implications for bilateral exchange rate data published by the Bank of England

One implication of reducing the frequency of publication times of the ERI on the wire services (to
two-hourly from 8am to 4pm) is that we will no longer be calculating the ERI at 11am. A
consequence of this is that going forward we will not be taking 11am bilateral exchange rates, that we
have hitherto been publishing as ‘11am Spot Settlement Rates’, eg on Reuters page BOE/SAF.

Until we put out a warning message alerting market participants of our intention to stop publishing
these rates (on 6 April), we had not appreciated how widely the BOE 11am spot rates were used in
contracts, notably in the cross-currency basis swap market. While we do not see the provision of
benchmark exchange rates as a necessary function of central banks, and would like to stop publishing
the 11am rates as soon as practicable, we also do not want to cause unnecessary disruption to the
market by withdrawing the SAF page without giving market participants sufficient notice to select an
alternative reference rate and amend contracts accordingly.

We will therefore continue to publish 11am bilateral rates for at least three months beyond the
introduction of our new ERI (ie until 11 July 2005). Meanwhile, we will consult with market
participants, including trade associations such as the Foreign Exchange Joint Standing Committee,
ISDA and the BBA, on alternative reference rates that could be used by the market.

The 12pm bilateral spot rates (USD vs EUR, GBP and JPY) that the Bank publishes, eg on Reuters
page BOE/NOONSDR, which are used by the IMF for calculating SDR exchange rates, will be
unaffected by the other changes.
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Annex A – Historical country sets and weights for Sterling ERI and Broad ERI
Sterling ERI 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Australia 1.7% 1.6% 1.7% 1.9% 1.7% 1.7% 1.7% 1.5% 1.4% 1.4% 1.4% 1.3% 1.3% 1.3% 1.4% 1.4% 1.3% 1.4% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.4%
Austria 1.0% 1.0% 1.0% 0.0% 0.9% 0.0% 0.0% 1.0% 1.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.9% 0.8% 0.7% 0.8% 1.0% 1.0%
Belgium and Luxembourg 5.8% 5.6% 5.0% 5.3% 5.0% 5.0% 5.0% 5.3% 5.2% 5.1% 5.2% 5.4% 4.7% 5.2% 5.1% 5.4% 5.3% 5.2% 5.2% 5.1% 5.2% 5.1% 5.2% 5.5% 5.6%
Brazil 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Canada 2.3% 2.3% 2.4% 2.4% 2.3% 2.3% 2.3% 2.1% 2.0% 1.9% 1.9% 1.8% 1.8% 1.7% 1.8% 1.8% 1.6% 1.5% 1.6% 1.7% 1.8% 2.0% 2.0% 1.9% 1.9%
China 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.6% 1.5% 1.7% 1.8% 1.9% 2.4% 2.7% 3.0% 3.5%
Czech Republic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Denmark 1.7% 1.6% 1.6% 1.6% 1.6% 1.6% 1.7% 1.7% 1.7% 1.5% 1.5% 1.5% 1.6% 1.6% 1.5% 1.4% 1.3% 1.4% 1.3% 1.3% 1.3% 1.2% 1.3% 1.4% 1.3%
Egypt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Finland 1.4% 1.4% 1.4% 1.4% 1.3% 1.3% 1.4% 1.3% 1.3% 1.3% 1.3% 1.2% 1.1% 1.1% 1.1% 1.2% 1.1% 1.1% 1.1% 1.1% 1.0% 1.1% 1.1% 1.0% 1.0%
France 10.2% 10.1% 9.9% 10.0% 9.7% 9.5% 9.5% 9.7% 10.1% 10.1% 10.3% 10.9% 10.7% 10.7% 10.3% 10.6% 10.1% 9.9% 9.7% 9.8% 9.9% 9.6% 10.2% 9.9% 9.8%
Germany 15.1% 14.5% 14.3% 15.2% 15.9% 15.8% 16.5% 17.0% 16.9% 16.3% 16.4% 16.8% 16.7% 16.4% 15.3% 15.6% 15.7% 14.8% 13.7% 13.3% 13.0% 12.7% 13.0% 13.1% 13.1%
Greece 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.8% 0.9% 0.9%
Hong Kong 1.8% 1.9% 2.0% 1.9% 1.8% 1.9% 1.7% 1.7% 1.8% 1.7% 1.7% 1.7% 1.9% 2.0% 2.3% 2.1% 1.9% 2.0% 2.0% 2.0% 2.0% 2.0% 1.9% 1.8% 1.8%
Indonesia 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
India 0.0% 1.2% 1.3% 1.4% 1.4% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1% 0.0% 0.0% 0.0% 0.0% 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Iran 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ireland 4.6% 4.4% 4.4% 4.3% 4.2% 4.1% 3.9% 3.9% 4.0% 3.9% 4.0% 4.1% 4.2% 4.5% 4.3% 4.6% 4.8% 4.8% 4.9% 5.0% 5.3% 5.5% 5.9% 6.2% 5.5%
Israel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Italy 5.8% 5.7% 5.5% 5.7% 5.6% 5.6% 5.8% 5.8% 5.9% 5.8% 5.9% 6.1% 6.3% 6.1% 5.6% 5.6% 5.4% 5.6% 5.5% 5.6% 5.2% 4.9% 5.0% 5.1% 5.2%
Japan 5.7% 6.0% 6.8% 6.4% 7.3% 7.4% 7.5% 7.9% 7.8% 7.6% 7.5% 7.3% 7.3% 7.4% 7.9% 7.4% 7.0% 6.4% 6.2% 5.7% 5.6% 5.7% 5.1% 4.9% 4.9%
South Korea 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.4% 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.5% 1.3% 1.4% 1.5% 1.4% 1.4% 1.4%
Kuwait 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Malaysia 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 1.0% 0.9% 0.0% 0.0% 0.0% 0.0%
Netherlands 6.8% 6.6% 6.5% 6.5% 6.4% 6.5% 6.6% 6.6% 6.7% 6.7% 6.8% 7.2% 7.3% 7.1% 6.7% 6.9% 7.1% 7.0% 7.1% 7.1% 7.1% 7.0% 6.7% 6.4% 6.5%
New Zealand 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Norway 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.4% 1.4% 1.4% 1.3% 1.2% 1.3% 1.3% 1.3% 1.3% 1.4% 1.2% 1.2% 1.2% 1.3% 1.1% 1.0% 1.0% 1.2% 1.1%
Pakistan 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Poland 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Portugal 1.1% 1.1% 1.1% 1.1% 1.1% 1.0% 1.0% 1.0% 1.1% 1.1% 1.1% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 0.9% 0.9% 0.9% 1.0%
Russia* 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Saudi Arabia 1.7% 1.9% 2.2% 2.3% 2.1% 1.7% 1.5% 1.5% 1.3% 1.3% 1.1% 1.1% 1.2% 1.3% 1.3% 1.1% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% 1.0% 0.5% 0.0%
Singapore 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.3% 1.3% 1.6% 1.6% 1.5% 1.5% 1.5% 1.3% 1.3% 1.3% 1.2% 1.1% 1.4%
South Africa 1.6% 1.9% 2.0% 1.9% 1.8% 1.6% 1.4% 1.2% 1.2% 1.1% 1.0% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% 0.0% 0.0% 1.2%
Spain 2.8% 3.0% 3.0% 3.1% 2.9% 3.1% 3.1% 3.1% 3.4% 3.5% 3.6% 3.8% 4.1% 4.1% 4.0% 4.1% 4.2% 4.3% 4.1% 4.5% 4.6% 4.6% 4.8% 5.3% 5.5%
Sweden 4.0% 3.7% 3.4% 3.4% 3.4% 3.5% 3.5% 3.5% 3.5% 3.3% 3.3% 3.2% 3.0% 2.8% 2.7% 3.0% 2.9% 2.9% 2.8% 2.7% 2.6% 2.5% 2.3% 2.1% 2.2%
Switzerland 4.8% 4.4% 3.3% 3.2% 3.2% 3.2% 3.0% 3.3% 3.4% 3.1% 3.2% 3.3% 3.1% 3.0% 3.1% 3.0% 2.9% 3.5% 3.2% 3.3% 3.2% 3.0% 3.0% 3.1% 2.8%
Taiwan 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.3% 1.4% 1.2% 1.3% 1.3% 1.4% 1.3% 1.2% 1.2% 1.3% 1.2% 1.2% 1.4% 1.2% 1.1% 0.0%
Thailand 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Turkey 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2%
USA 17.8% 18.5% 19.7% 19.4% 19.1% 20.2% 20.3% 18.3% 17.6% 16.9% 17.6% 17.3% 17.5% 17.5% 19.3% 18.4% 17.4% 18.3% 18.6% 18.9% 19.2% 19.6% 20.3% 19.6% 18.8%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Memo:
Euro area 54.8% 53.4% 51.9% 52.6% 53.0% 51.9% 52.9% 54.8% 55.8% 54.8% 54.7% 56.7% 56.3% 56.4% 53.4% 55.2% 54.8% 53.8% 52.6% 53.4% 53.3% 52.2% 54.5% 55.5% 55.2%
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Broad ERI 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Australia 1.5% 1.5% 1.6% 1.7% 1.5% 1.5% 1.6% 1.4% 1.3% 1.3% 1.4% 1.2% 1.2% 1.2% 1.3% 1.3% 1.2% 1.3% 1.3% 1.3% 1.2% 1.3% 1.3% 1.2% 1.3%
Austria 1.0% 0.9% 0.9% 0.9% 0.9% 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8% 0.8% 0.7% 0.8% 0.9% 0.9%
Belgium and Luxembourg 5.3% 5.2% 4.7% 4.9% 4.7% 4.5% 4.6% 4.9% 4.8% 4.9% 4.9% 5.0% 4.4% 4.8% 4.7% 5.0% 5.0% 4.8% 4.9% 4.8% 4.9% 4.8% 4.9% 5.2% 5.2%
Brazil 0.6% 0.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.0% 0.0% 0.0% 0.0%
Canada 2.1% 2.1% 2.2% 2.2% 2.1% 2.1% 2.1% 1.9% 1.9% 1.8% 1.8% 1.7% 1.7% 1.6% 1.7% 1.6% 1.5% 1.4% 1.5% 1.6% 1.7% 1.8% 1.9% 1.8% 1.7%
China 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.9% 0.8% 0.9% 0.0% 0.0% 0.0% 1.1% 1.4% 1.5% 1.5% 1.4% 1.5% 1.7% 1.8% 2.2% 2.5% 2.7% 3.2%
Czech Republic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7%
Denmark 1.6% 1.5% 1.4% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.4% 1.4% 1.4% 1.5% 1.5% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.3% 1.2%
Egypt 0.0% 0.0% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Finland 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.3% 1.2% 1.3% 1.3% 1.2% 1.1% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0%
France 9.4% 9.3% 9.2% 9.3% 9.0% 8.7% 8.8% 9.0% 9.4% 9.6% 9.8% 10.2% 10.0% 9.9% 9.4% 9.8% 9.5% 9.2% 9.1% 9.3% 9.3% 9.2% 9.6% 9.3% 9.2%
Germany 13.9% 13.4% 13.3% 14.1% 14.9% 14.5% 15.2% 15.8% 15.7% 15.5% 15.6% 15.7% 15.7% 15.3% 14.0% 14.4% 14.7% 13.8% 12.8% 12.6% 12.3% 12.2% 12.2% 12.3% 12.3%
Greece 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 0.9% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8%
Hong Kong 1.7% 1.7% 1.9% 1.8% 1.6% 1.8% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.8% 1.8% 2.1% 1.9% 1.8% 1.8% 1.9% 1.9% 1.9% 1.9% 1.8% 1.7% 1.7%
Indonesia 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
India 1.2% 1.1% 1.2% 1.3% 1.2% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 0.8% 1.0% 1.1% 1.2% 1.2% 1.1% 1.1% 1.0% 1.0% 1.1% 1.1% 1.1% 1.3%
Iran 0.3% 0.5% 0.5% 0.4% 0.6% 0.6% 0.4% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ireland 4.2% 4.1% 4.0% 4.0% 3.9% 3.7% 3.6% 3.6% 3.7% 3.8% 3.8% 3.9% 4.0% 4.2% 4.0% 4.2% 4.5% 4.4% 4.6% 4.7% 5.0% 5.2% 5.6% 5.8% 5.1%
Israel 0.6% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 0.5%
Italy 5.4% 5.3% 5.1% 5.3% 5.2% 5.1% 5.3% 5.4% 5.5% 5.6% 5.7% 5.7% 5.9% 5.7% 5.1% 5.1% 5.1% 5.2% 5.2% 5.3% 4.9% 4.7% 4.7% 4.8% 4.9%
Japan 5.2% 5.5% 6.3% 5.9% 6.7% 6.7% 6.8% 7.2% 7.1% 7.2% 7.1% 6.7% 6.8% 6.8% 7.1% 6.7% 6.5% 5.9% 5.7% 5.3% 5.2% 5.3% 4.8% 4.6% 4.5%
South Korea 0.9% 0.8% 0.9% 0.9% 1.0% 1.0% 1.0% 1.1% 1.3% 1.4% 1.2% 1.2% 1.2% 1.1% 1.2% 1.1% 1.3% 1.4% 1.4% 1.2% 1.3% 1.4% 1.3% 1.3% 1.2%
Kuwait 0.2% 0.3% 0.0% 0.3% 0.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Malaysia 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.5% 0.5% 0.6% 0.6% 0.7% 0.8% 0.9% 1.0% 0.9% 0.9% 1.1% 1.0% 0.9% 0.9% 0.9% 0.8% 0.7% 0.7%
Netherlands 6.2% 6.1% 6.0% 6.0% 6.0% 5.9% 6.1% 6.1% 6.2% 6.4% 6.5% 6.8% 6.8% 6.6% 6.1% 6.3% 6.7% 6.5% 6.7% 6.7% 6.7% 6.6% 6.3% 6.0% 6.1%
New Zealand 0.5% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Norway 1.4% 1.5% 1.5% 1.4% 1.3% 1.4% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.3% 1.2% 1.2% 1.3% 1.2% 1.1% 1.2% 1.2% 1.0% 0.9% 0.9% 1.1% 1.1%
Pakistan 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Poland 1.0% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.6% 0.7% 0.7% 0.8% 0.8%
Portugal 1.0% 1.1% 1.0% 1.1% 1.0% 1.0% 1.0% 1.0% 1.1% 1.1% 1.1% 1.1% 1.1% 1.2% 1.0% 1.0% 1.0% 1.1% 1.1% 1.0% 1.1% 0.9% 0.9% 0.9% 0.9%
Russia* 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.4% 0.0% 0.0% 0.0% 0.0% 0.6% 0.7% 0.6% 0.4% 0.0% 0.0% 0.6% 0.7%
Saudi Arabia 1.6% 1.7% 2.0% 2.1% 1.9% 1.5% 1.4% 1.3% 1.2% 1.2% 1.0% 1.0% 1.2% 1.2% 1.2% 1.0% 1.0% 1.0% 1.1% 0.9% 0.9% 1.0% 0.9% 0.5% 0.5%
Singapore 0.8% 0.8% 0.9% 0.9% 0.9% 1.0% 0.9% 0.8% 0.9% 0.9% 1.0% 1.1% 1.3% 1.2% 1.4% 1.5% 1.4% 1.4% 1.4% 1.2% 1.3% 1.2% 1.1% 1.1% 1.3%
South Africa 1.5% 1.7% 1.9% 1.8% 1.6% 1.5% 1.2% 1.1% 1.1% 1.1% 1.0% 1.0% 1.0% 0.9% 1.0% 0.9% 0.9% 1.0% 1.0% 1.0% 0.9% 1.0% 1.1% 1.0% 1.1%
Spain 2.6% 2.8% 2.8% 2.9% 2.7% 2.8% 2.9% 2.9% 3.1% 3.3% 3.4% 3.6% 3.8% 3.8% 3.7% 3.8% 3.9% 4.0% 3.9% 4.2% 4.4% 4.4% 4.5% 5.0% 5.1%
Sweden 3.7% 3.4% 3.2% 3.1% 3.1% 3.2% 3.2% 3.2% 3.2% 3.2% 3.1% 3.0% 2.8% 2.6% 2.5% 2.7% 2.7% 2.7% 2.6% 2.6% 2.4% 2.4% 2.1% 2.0% 2.1%
Switzerland 4.3% 4.1% 3.0% 3.0% 3.0% 2.9% 2.8% 3.0% 3.1% 3.0% 3.1% 3.1% 2.9% 2.8% 2.8% 2.7% 2.6% 3.2% 3.0% 3.1% 3.0% 2.9% 2.8% 2.9% 2.6%
Taiwan 0.7% 0.7% 0.8% 0.8% 0.9% 1.0% 0.9% 1.0% 1.2% 1.2% 1.3% 1.1% 1.3% 1.2% 1.3% 1.1% 1.1% 1.1% 1.2% 1.1% 1.1% 1.4% 1.1% 1.0% 0.9%
Thailand 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.8% 0.8% 0.7% 0.7% 0.6% 0.6% 0.7% 0.7% 0.6% 0.7%
Turkey 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 0.6% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.8% 0.9% 0.9% 0.8% 0.9% 0.8% 1.0% 1.1%
USA 16.2% 17.1% 18.2% 17.8% 17.6% 18.4% 18.6% 16.9% 16.2% 16.1% 16.7% 16.2% 16.4% 16.2% 17.6% 16.8% 16.3% 17.0% 17.3% 17.8% 18.2% 18.6% 19.1% 18.4% 17.5%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Memo:
Euro area 50.4% 49.6% 48.4% 49.6% 49.4% 48.3% 49.7% 50.8% 51.8% 52.3% 52.9% 54.1% 53.9% 53.5% 50.0% 51.7% 52.3% 50.9% 50.0% 50.5% 50.5% 49.8% 50.6% 52.0% 51.6%
* Note - USSR excluded from calculations pre 1992 due to lack of exchange rate data