United Kingdom Balance of Trade

The United Kingdom recorded a trade deficit of 3130 GBP Million in March of 2013. Balance of Trade in the United Kingdom is reported by the UK Office for National Statistics. Historically, from 1955 until 2013, the United Kingdom Balance of Trade averaged -1214.41 GBP Million reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -6067 GBP Million in August of 2005. Since 1998, U.K. runs consistent trade deficit mainly due to increase in demand of consumer goods, decline in manufacturing and deterioration in oil and gas production. In recent years, U.K. has run the biggest trade deficits with Norway, Germany, China, Hong Kong and Netherlands. The biggest trade surpluses were recorded with United States, United Arab Emirates, Australia and Saudi Arabia. This page includes a chart with historical data for the United Kingdom Balance of Trade.

 TO REFRESH |  COMPARE
United Kingdom Balance of Trade
    EMAIL
 
United Kingdom Trade Deficit Narrows in March
ONS | Nuno Fontes | nuno@tradingeconomics.com  |  5/10/2013 9:39:11 AM


Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £3.1 billion in March, compared with a deficit of £3.4 billion in February. There was a deficit of £9.1 billion on goods, partly offset by an estimated surplus of £5.9 billion on services.

The value of UK exports increased by 3.5 percent between February 2013 and March 2013. The value of imports increased by 2.6 percent over the same period. Monthly figures tend to be volatile. Although exports in March were the highest since July 2012 the broad pattern remains flat, as has been the case since Autumn 2011.

The widening of the deficit with the EU in the first quarter came mainly from trade with Germany and the Netherlands. The deficit on trade with Italy reduced slightly while the UK’s surplus in trade in goods with Ireland rose with an increase in the level of exports. Outside the EU, the UK’s surplus in trade with the US improved by around £1.1 billion in the first quarter, largely due to a recovery in exports. 

ARCHIVE
U.K. Trade Deficit Widens in February
According to the Office for National Statistics, UK’s deficit on trade in goods and services was estimated to have been £3.6 billion in February, compared with a deficit of £2.5 billion in January. There was a deficit of £9.4 billion on goods, partly offset by an estimated surplus of £5.8 billion on services. 2013-04-09
U.K. Trade Deficit Narrows in September 2012
The United Kingdom’s deficit on trade in goods and services narrowed to £2.7 billion in September, up from £4.2 billion in August. 2012-11-09
United Kingdom Trade Deficit Narrows in January
Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £2.4 billion in January, compared with a deficit of £2.8 billion in December. Lowest value of goods imports since April 2011. 2013-03-12
U.K. Trade Deficit Widens in August 2012
The United Kingdom’s deficit on trade in goods and services widened to £4.2 billion in August, up from £1.7 billion in July. 2012-10-09
United Kingdom Trade Deficit Widens in 2012
Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £3.2 billion in December, compared with a deficit of £3.6 billion in November. However, despite erratic changes in the deficit over the last 12 months, the level across that period has remained largely flat. 2013-02-07
U.K. Trade Deficit Narrows in July 2012
The United Kingdom's deficit in Trade in Goods and Services narrowed to £1.5 billion in July, down from £4.3 billion in June. 2012-09-11
U.K. Trade Deficit Narrows in November 2012
Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £3.5 billion in November, compared with a deficit of £3.7 billion in October. 2013-01-09
U.K. Trade Deficit Widens in June
The UK’s deficit on trade in goods and services increased to £4.3 billion in June, up £1.6 billion from £2.7 billion in May. 2012-08-09
U.K. Trade Deficit Widens in October 2012
The United Kingdom’s deficit on trade in goods and services widened to £3.6 billion in October, up from £2.5 billion in August. 2012-12-06



Balance of Trade | Notes

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 occurs when value of exports is higher than that of imports; a negative balance of trade is known as a trade deficit or a trade gap.






Buy Ads Directly on TRADING ECONOMICS