United Kingdom Balance of Trade 1955-2014 | Data | Chart | Calendar

The United Kingdom recorded a trade deficit of 2024 GBP Million in October of 2014. Balance of Trade in the United Kingdom averaged -1279.85 GBP Million from 1955 until 2014, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -5397 GBP Million in March of 2008. Balance of Trade in the United Kingdom is reported by the Office for National Statistics.

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United Kingdom Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-2024.00 -2822.00 2946.00 -5397.00 1955 - 2014 GBP Million Monthly
Since 1998, the United Kingdom has been running consistent trade deficits mainly due to increase in demand of consumer goods, decline in manufacturing, appreciation of the GBP and deterioration in oil and gas production. In 2013, the biggest trade deficits were recorded with Germany, China, and the Netherlands. The biggest trade surpluses were recorded with United States, Ireland and United Arab Emirates. This page provides - United Kingdom Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - United Kingdom Balance of Trade - was last refreshed on Saturday, December 20, 2014.


UK Trade Deficit Narrows to 7-Month Low


British trade gap decreased to £ 2.04 billion in October of 2014 from a revised £ 2.8 billion in the previous month. It is the lowest shortfall since March due to a fall in fuel imports and higher silver sales.

Total exports of goods and services amounted to £41.99 billion in October while imports reached £44.01 billion. The deficit on trade in goods was £9.6 billion in October 2014, narrowing by £0.9 billion from September.

Exports increased by £0.2 billion to £24.3 billion in October. The largest increase was attributed to exports of erratic items, particularly silver exports, which rose from £0.1 billion in September 2014 to £0.3 billion in October; anecdotal evidence suggests that, for this specific commodity, India was the UK’s trading partner. Further increases of roughly £0.1 billion were seen in unspecified goods and miscellaneous manufactures. These increases were partially offset by falls in exports in machinery and transport equipment and chemicals.

Imports fell by £0.7 billion in October 2014. The decrease mainly reflects a £0.9 billion fall in imports of fuels, specifically oil imports from countries outside the EU where the level of trade returned to a more typical level following September’s high. Imports of miscellaneous manufactures also returned to normal levels, falling by £0.3 billion from September. These decreases were partially offset by a £0.5 billion increase in imports of machinery and transport equipment, specifically aircraft which rose by £0.2 billion.

In October 2014, exports to countries within the EU increased by £0.1 billion, primarily due to exports of fuels (up £0.3 billion). In the same period, imports from countries within the EU fell by £0.3 billion.

Outside the EU, exports rose by £0.1 billion. Increases in exports of manufactured goods were almost entirely offset by falls in fuel exports. Imports to countries outside the EU fell more substantially in October, at £0.4 billion. This reflects fuel imports (specifically oil) falling by £0.8 billion and returning to more typical levels following the notable rise in September. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
12/10/2014 9:51:23 AM


Recent Releases

UK Trade Deficit Widens Sharply in September
UK’s trade gap increased to £2.84 billion in September of 2014 from a revised £1.77 billion shortfall in August. It is the second highest monthly trade deficit this year, due to a surge in oil imports. Published on 2014-11-07

UK Trade Deficit Narrows in August
UK’s trade gap decreased to £ 1.9 billion in August of 2014 from a revised £ 3.1 billion shortfall in July, mainly due to a large drop in imports from non-EU countries. Published on 2014-10-10


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-10-10 09:30 AM
Balance of Trade  Aug
£ -1.9B £ -3.1B (R) £ -3.4B
2014-11-07 09:30 AM
Balance of Trade  Sep
£ -2.838B £ -1.768B (R) £ -2.5B
2014-12-10 09:30 AM
Balance of Trade  Oct
£ -2.024B £ -2.822B (R) £ -2.3B
2015-01-09 09:30 AM
Balance of Trade  Nov
2015-02-06 09:30 AM
Balance of Trade  Dec
2015-03-13 09:30 AM
Balance of Trade  Jan


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -2024.00 -2822.00 2946.00 -5397.00 GBP Million [+]
Exports 41986.00 41773.00 46022.00 962.00 GBP Million [+]
Imports 44010.00 44595.00 47036.00 1031.00 GBP Million [+]
Current Account -23096.00 -20500.00 2752.00 -23519.00 GBP Million [+]
Current Account to GDP -4.40 -3.80 1.90 -4.90 percent [+]
External Debt -331702.00 -326093.00 88871.00 -331702.00 GBP Million [+]
Terms of Trade 99.10 99.40 111.80 82.20 Index Points [+]
Foreign Direct Investment 13483.00 6038.00 70710.00 -7354.00 GBP Million [+]
Gold Reserves 310.25 310.25 588.27 310.25 Tonnes [+]
Crude Oil Production 451.00 682.00 2747.00 1.00 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -1323.00 Oct/14 -2235.00 2226.00 -3892.00 AUD Million [+]
Brazil -2350.52 Nov/14 -1177.00 5659.37 -4058.14 USD Million [+]
Canada 100.00 Oct/14 310.00 8524.80 -2902.90 CAD Million [+]
China 544.74 Nov/14 454.05 544.74 -319.71 USD Hundred Million [+]
Euro Area 24000.00 Oct/14 18100.00 24000.00 -16638.00 EUR Million [+]
France -4608.00 Oct/14 -4715.00 2674.00 -7086.00 EUR Million [+]
Germany 21900.00 Oct/14 22100.00 23400.00 -535.91 EUR Million [+]
India -16860.00 Nov/14 -13350.00 258.90 -20210.90 USD Million [+]
Indonesia 20.00 Oct/14 -270.30 4641.92 -2329.13 USD Million [+]
Italy 5397.00 Oct/14 2020.00 6923.00 -6389.30 EUR Million [+]
Japan -891.85 Nov/14 -709.99 1608.67 -2795.04 JPY Billion [+]
Mexico 143.00 Oct/14 590.00 1710.25 -3292.30 USD Million [+]
Netherlands 5195.00 Oct/14 4707.00 5195.00 -907.60 EUR Million [+]
Russia 13595.00 Oct/14 12953.00 20356.00 -185.00 USD Million [+]
South Korea 5606.00 Nov/14 7380.00 7380.00 -4043.45 USD Million [+]
Spain -2373700.00 Sep/14 -2771962.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 3868.00 Nov/14 3226.00 3901.00 -1478.68 CHF million [+]
Turkey -6251.72 Oct/14 -6925.00 24.51 -10453.06 USD Million [+]
United Kingdom -2024.00 Oct/14 -2822.00 2946.00 -5397.00 GBP Million [+]
United States -43400.00 Oct/14 -43600.00 1946.00 -67823.00 USD Million [+]