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United Kingdom Balance of Trade

The United Kingdom reported a balance of trade deficit equivalent to 3817.0 Million GBP in May of 2010. The United Kingdom is the world's fifth-largest trading nation, highly dependent on foreign trade. It must import almost all its copper, ferrous metals, lead, zinc, rubber, and raw cotton and about one-third of its food. The United Kingdom's exports manufactured items like telecommunications equipment, automobiles, automatic data processing equipment, medicinal and pharmaceutical products and aircraft. Its main trading partners are European Union countries, The United States, China and Japan. This page includes: United Kingdom Balance of Trade chart, historical data and news.


CountryInterest RateGrowth RateInflation RateJobless RateCurrent AccountExchange Rate
United Kingdom 0.50%1.10%3.20%7.80%-101.5425


of   to   of      

United Kingdom Balance of Trade 5/31/2010 -3817 4/30/2010 -3502 3/31/2010 -3488 2/28/2010 -2061 1/31/2010 -3904 12/31/2009 -2759 11/30/2009 -2740 10/31/2009 -3160 9/30/2009 -2913 8/31/2009 -2044 7/31/2009 -2764 6/30/2009 -2332 5/31/2009 -2640 4/30/2009 -3199 3/31/2009 -2907 2/28/2009 -2585 1/31/2009 -2434 12/31/2008 -2028 11/30/2008 -2003 10/31/2008 -1835 9/30/2008 -2941 8/31/2008 -3836 7/31/2008 -4157 6/30/2008 -3783 5/31/2008 -3255 4/30/2008 -3060 3/31/2008 -3480 2/29/2008 -3748 1/31/2008 -4113 5/31/2010 -3817 4/30/2010 -3502 3/31/2010 -3488 2/28/2010 -2061 1/31/2010 -3904 12/31/2009 -2759 11/30/2009 -2740 10/31/2009 -3160 9/30/2009 -2913 8/31/2009 -2044 7/31/2009 -2764 6/30/2009 -2332 5/31/2009 -2640 4/30/2009 -3199 3/31/2009 -2907 2/28/2009 -2585 1/31/2009 -2434 12/31/2008 -2028 11/30/2008 -2003 10/31/2008 -1835 9/30/2008 -2941 8/31/2008 -3836 7/31/2008 -4157 6/30/2008 -3783 5/31/2008 -3255 4/30/2008 -3060 3/31/2008 -3480 2/29/2008 -3748 1/31/2008 -4113

YearJanFebMarAprMayJunJulAugSepOctNovDecTotal
2010-3904.0-2061.0-3488.0-3502.0-3817.0       -16772.0
2009-2434.0-2585.0-2907.0-3199.0-2640.0-2332.0-2764.0-2044.0-2913.0-3160.0-2740.0-2759.0-32477.0
2008-4113.0-3748.0-3480.0-3060.0-3255.0-3783.0-4157.0-3836.0-2941.0-1835.0-2003.0-2028.0-38239.0

  





U.K. Trade Deficit Remains Unchanged In April
Published: 6/9/2010 9:26:57 AM    By: TradingEconomics.com, Bloomberg 

The U.K. trade deficit was broadly unchanged in April, defying expectations for a decline, as the value of exports and imports hurt by the volcanic eruption in Iceland.

The goods-trade gap was 7.3 billion pounds ($10.6 billion), the same as in March, the Office for National Statistics said. Imports fell 0.4 percent, while exports dropped 0.6 percent.

With Britain facing emergency budget measures to tackle the nation’s record budget deficit, the Bank of England is counting on net trade to aid economic growth this year. Exporters may still struggle to increase sales in their biggest market, the euro region, as economies there endure austerity measures invoked to quell the sovereign debt crisis.

The U.K.’s trade deficit with the European Union widened to 3.3 billion pounds in April, from 3.2 billion pounds in March, as imports rose faster than exports, the statistics office said.

The trade gap with non-European Union nations stayed at 4 billion pounds as exports fell faster than imports, the statistics office said.

The data is the first to show the impact on U.K. trade of the ash cloud that shuttered European airspace in April after a volcanic eruption in Iceland. Non-EU trade is likely to have been affected more than that with the EU since almost half of Britain’s exports outside the region are transported by air, officials said.

Today’s data suggest that the weakness of the pound has yet to produce sustained benefit for U.K. exporters. The currency has fallen about a quarter on a trade-weighted basis since the start of 2007, making overseas sales more competitive.

A U.K. index of export orders rose to the highest in at least 15 years in the second quarter, the Engineering Employers Federation said on June 7. The economy grew 0.3 percent in the first quarter, aided by biggest jump in manufacturing for four years.

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United Kingdom Economic News

U.K. Economy Grows 1.1% in Q2
Published: 7/23/2010 10:08:48 AM By: TradingEconomics.com, AP
Britain's economy grew by 1.1 percent in the second quarter, the Office for National Statistics said, surprising markets that had expected more modest expansion.

UK Inflation Slowed in June
Published: 7/13/2010 9:40:54 AM By: TradingEconomics.com, Bloomberg
U.K. inflation slowed less than economists forecast in June as higher costs of goods from fuel to food kept the rate of price increases above the government’s 3 percent limit.

Bank of England holds Course on Rates and QE
Published: 7/8/2010 11:12:30 AM By: TradingEconomics.com, BoE
The Bank of England kept its bond- stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II.

UK Inflation Slows in May
Published: 6/15/2010 9:52:04 AM By: TradingEconomics.com, Bloomberg
U.K. inflation slowed in May to 3.4 percent for the first time in three months as lower costs of items from food to transport eased price pressures in the economy.

Bank of England Keeps Stimulus Program
Published: 6/10/2010 10:19:07 AM By: TradingEconomics.com, BoE
The Bank of England kept its bond- stimulus program in place and left its benchmark interest rate at a record low to aid the economy as Prime Minister David Cameron prepares the biggest budget cuts since at least the early 1980s.

U.K. Trade Deficit Remains Unchanged In April
Published: 6/9/2010 9:26:57 AM By: TradingEconomics.com, Bloomberg
The U.K. trade deficit was broadly unchanged in April, defying expectations for a decline, as the value of exports and imports hurt by the volcanic eruption in Iceland.

UK Recovery Still Fragile
Published: 5/25/2010 3:05:59 PM By: Anna Fedec, contact@tradingeconomics.com
This week, UK GDP growth for the first quarter of 2010 was revised up to 0.3%. And although this number may look encouraging it is very unlikely that this year British economy will record any significant recovery.

UK Economy Grows More Than Estimated
Published: 5/25/2010 9:36:06 AM By: TradingEconomics.com, Bloomberg
The U.K. economy grew more than previously estimated in the first quarter as rebounding investment and the biggest jump in manufacturing for four years strengthened the recovery.

UK Inflation Surges to 3.7%
Published: 5/18/2010 10:17:26 AM By: TradingEconomics.com, FT
UK inflation jumped in April to 3.7%, sharply higher than expected, prompting a letter of explanation from the governor of the Bank of England to the new chancellor George Osborne.

UK Trade Deficit Widened in March
Published: 5/13/2010 9:41:32 AM By: TradingEconomics.com, Bloomberg
The U.K. trade deficit widened in March as imports jumped the most in six months, led by demand for goods from cars to engineering equipment.

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Balance of Trade Definition

The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time. A positive balance of trade is known as a trade surplus and consists of exporting more than is imported; a negative balance of trade is known as a trade deficit or, informally, a trade gap.

The balance of trade forms part of the current account, which also includes other transactions such as income from the international investment position as well as international aid. If the current account is in surplus, the country's net international asset position increases correspondingly. Equally, a deficit decreases the net international asset position.

The Balance of Trade is identical to the difference between a country's output and its domestic demand  - the difference between what goods a country produces and how many goods it buys from abroad; this does not include money respent on foreign stocks, nor does it factor the concept of importing goods to produce for the domestic market (source: wikipedia).
 


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