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

The United Kingdom recorded a trade deficit of 3348 GBP Million in July of 2014. Balance of Trade in the United Kingdom averaged -1159.26 GBP Million from 1955 until 2014, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -5269 GBP Million in September of 1989. Balance of Trade in the United Kingdom is reported by the Office for National Statistics.

   
 
 

United Kingdom Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-3348.00 -2459.00 2946.00 -5269.00 1955 - 2014 GBP Million Monthly
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 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, September 20, 2014.


UK Trade Deficit At 10-Month High


The UK trade gap widened to £ 3.3 billion in July from £ 2.5 billion in June. Imports of goods recorded the largest monthly increase in nearly two years driven by purchases of fuels and chemicals.

Total exports of goods and services amounted to £40.83 billion in July while imports reached £44.18 billion. There was a deficit of £10.2 billion on goods partly offset by an estimated surplus of £6.8 billion on services. 

The deficit on trade in goods was the widest monthly deficit since April 2012; despite a £0.5 billion rise in exports, the import level rose more significantly, up £ 1.3 billion from June 2014. In terms of commodities, the widening is mainly attributed to manufactured goods which accounts for roughly two thirds of the total deficit.

Between June 2014 and July 2014, imports of goods rose by £1.3 billion to £34.2 billion; its highest level since October 2013 and the largest monthly increase since August 2012. This rise reflected increases in the import of fuels (up £0.6 billion in July) and imports of chemicals (up £0.3 billion). Within machinery and transport equipment, imports of aircraft increased by £0.7 billion, however this increase was almost entirely offset by falls in ships and other lower level components.

Imports from non-EU countries rose £1.0 billion (roughly 77% of the total). Of this increase, £0.6 billion is attributed to fuel exports and a further £0.4 billion is spread throughout manufactured goods. Almost all of the aircraft in July 2014 were imported from countries outside the EU.

Exports of goods performed positively in July, with exports to countries outside of the EU accounting for roughly 95% of the total increase. The total rise in exports was due largely to the strength of fuel and chemical exports which rose £0.4 billion and £0.3 billion respectively. The increase in fuel exports was mainly attributed to oil trade with non-EU countries, which rose by around £0.3 billion.

The overall increase in world exports of chemicals reflects medicinal and pharmaceutical products which reached its highest level since November 2012. Medicinal and pharmaceutical trade remains one of the UK’s most significant industries, growing by more than 100% over the past ten years. Outside of fuels and chemicals, exports were fairly static in July, with larger movements in commodities such as aircraft (up £0.2 billion from June 2014) being offset elsewhere.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
9/9/2014 9:52:42 AM


Recent Releases

UK Trade Deficit Widens in June
UK trade gap increased to £2.5 billion in June, compared with £2.4 billion in the previous month as exports of goods fell. Published on 2014-08-08

UK Trade Deficit Widens More than Expected
UK’s trade gap on goods and services increased to £2.42 billion in May of 2014, from a revised £2.05 billion in April. It is the highest shortfall in four months, due to a surge in imports of aircrafts. Published on 2014-07-10


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-06-06 09:30 AM United Kingdom
Balance of Trade
Apr 2014 £ -2.54B £ -1.06B (R) £ -1.4B
2014-07-10 09:30 AM United Kingdom
Balance of Trade
May 2014 £ -2.418B £ -2.052B (R) £ -1.4B
2014-08-08 09:30 AM United Kingdom
Balance of Trade
Jun 2014 £ -2.459B £ -2.364B £ -1.9B
2014-09-09 09:30 AM United Kingdom
Balance of Trade
Jul 2014 £ -3.348B £ -2.459B £ -2.1B
2014-10-10 09:30 AM United Kingdom
Balance of Trade
Aug 2014 £ -3.348B £ -2.8B


Trade Last Previous Highest Lowest Unit
Balance of Trade -3348.00 -2459.00 2946.00 -5269.00 GBP Million [+]
Exports 40827.00 40328.00 43708.00 962.00 GBP Million [+]
Imports 44175.00 42787.00 45636.00 1031.00 GBP Million [+]
Current Account -18495.00 -23519.00 2752.00 -23519.00 GBP Million [+]
Current Account to GDP -4.40 -3.80 1.90 -4.90 Percent [+]
External Debt -81805.00 -21222.00 97635.00 -218422.00 GBP Million [+]
Terms of Trade 98.20 99.10 111.80 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 848.00 798.00 2747.00 1.00 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -1359.00 Jul/14 -1564.00 2225.00 -3907.00 AUD Million [+]
Brazil 1168.00 Aug/14 1573.96 5659.37 -4058.14 USD Million [+]
Canada 2580.00 Jul/14 1830.00 8524.80 -2902.90 CAD Million [+]
China 498.30 Aug/14 473.01 498.30 -319.71 USD Hundred Million [+]
Euro Area 21200.00 Jul/14 16700.00 21780.80 -16638.00 EUR Million [+]
France -5539.00 Jul/14 -5576.00 2674.00 -7086.00 EUR Million [+]
Germany 23400.00 Jul/14 16600.00 23400.00 -535.91 EUR Million [+]
India -10838.56 Aug/14 -12228.60 258.90 -20210.90 USD Million [+]
Indonesia 130.00 Jul/14 -288.00 4641.92 -2329.13 USD Million [+]
Italy 6857.00 Jul/14 3236.30 6857.00 -6389.30 EUR Million [+]
Japan -948.50 Aug/14 -962.13 1608.67 -2795.04 JPY Billion [+]
Mexico -979.88 Jul/14 423.73 1710.25 -3292.30 USD Million [+]
Netherlands 2724.00 Jul/14 4455.40 4948.70 -907.60 EUR Million [+]
Russia 17068.00 Jul/14 13957.00 20356.00 -185.00 USD Million [+]
South Korea 3400.00 Aug/14 2398.95 6794.27 -4043.45 USD Million [+]
Spain -1826700.00 Jul/14 -1477012.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 1386.00 Aug/14 3901.00 3983.49 -1478.68 CHF million [+]
Turkey -6460.00 Jul/14 -7853.06 24.51 -10453.06 USD Million [+]
United Kingdom -3348.00 Jul/14 -2459.00 2946.00 -5269.00 GBP Million [+]
United States -40546.00 Jul/14 -40810.00 1946.00 -67823.00 USD Million [+]





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