United Kingdom Balance of Trade 1955-2015 | Data | Chart | Calendar

The United Kingdom recorded a trade deficit of 1406 GBP Million in November of 2014. Balance of Trade in the United Kingdom averaged -1280.67 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
-1406.00 -2246.00 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 Sunday, February 1, 2015.


UK Trade Deficit Narrows to 17-Month Low


British trade gap decreased to £1.4 billion in November of 2014 from a revised £2.2 billion in the previous month. It is the lowest shortfall since June of 2013 as lower oil prices reduced the country's imports.

The UK’s deficit on trade in goods and services of £1.4 billion reflects a deficit of £8.8 billion on goods, partly offset by an estimated surplus of £7.4 billion on services. The narrowing of the deficit reflects a fall in imports of goods rather than an increase in exports.

Between October and November 2014, exports of goods fell by £0.1 billion to £24.4 billion. The decrease was mainly attributed to oil exports (down £0.2 billion) and, in particular, oil exported to EU countries. Outside the EU, exports rose by £0.1 billion. A £0.2 billion increase in manufactured goods was partially offset by the cumulative effect of decreases elsewhere, particularly fuel exports which fell by £0.1 billion.

Imports of goods fell by £1.1 billion to £33.2 billion over the same period, reflecting a £0.7 billion decrease in imports of oil. Almost all of the decrease in fuel imports was attributed to trade with countries outside the EU. Aside from fuels, imports of other key commodities also fell in November, although their impact was less significant. The most notable of these was material manufactures, which fell by £0.2 billion. Outside the EU, imports fell by £0.7 billion. Fuel accounted for around 75% of the decrease as oil imports fell by £0.6 billion.




ONS | Joana Taborda | joana.taborda@tradingeconomics.com
1/9/2015 10:36:51 AM


Recent Releases

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. Published on 2014-12-10

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
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
£-1.4B £-2.25B (R) £-9.4B -2.5B
2015-02-06 09:30 AM
Balance of Trade  Dec
£-1.4B £ -2B
2015-03-12 09:30 AM
Balance of Trade  Jan
£ -2B
2015-04-09 09:30 AM
Balance of Trade  Feb
£ -1.7B


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -1406.00 -2246.00 2946.00 -5397.00 GBP Million [+]
Exports 41960.00 42137.00 46022.00 962.00 GBP Million [+]
Imports 43366.00 44383.00 47036.00 1031.00 GBP Million [+]
Current Account -27010.00 -24300.00 2752.00 -27010.00 GBP Million [+]
Current Account to GDP -4.40 -3.80 1.90 -4.90 percent [+]
External Debt -450721.00 -412409.00 88871.00 -450721.00 GBP Million [+]
Terms of Trade 98.50 98.80 107.60 80.10 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 729.00 449.00 2747.00 1.00 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -925.00 Nov/14 -877.00 2219.00 -3897.00 AUD Million [+]
Brazil 293.00 Dec/14 -2350.52 5659.37 -4058.14 USD Million [+]
Canada -644.30 Nov/14 -327.00 8524.80 -2902.90 CAD Million [+]
China 496.13 Dec/14 544.76 544.76 -319.71 USD Hundred Million [+]
Euro Area 19954.00 Nov/14 23646.00 23646.00 -16638.00 EUR Million [+]
France -3236.00 Nov/14 -4270.00 2674.00 -7086.00 EUR Million [+]
Germany 17883.46 Nov/14 22100.00 23400.00 -535.91 EUR Million [+]
India -9430.00 Dec/14 -16861.10 258.90 -20210.90 USD Million [+]
Indonesia -425.70 Nov/14 20.00 4641.92 -2329.13 USD Million [+]
Italy 3541.23 Nov/14 5396.00 6923.00 -6389.30 EUR Million [+]
Japan -660.70 Dec/14 -893.52 1608.67 -2795.04 JPY Billion [+]
Mexico 254.00 Dec/14 -1076.36 1710.25 -3292.30 USD Million [+]
Netherlands 5110.00 Nov/14 4849.00 5110.00 -907.60 EUR Million [+]
Russia 13359.00 Nov/14 14222.00 20356.00 -185.00 USD Million [+]
South Korea 5530.00 Jan/15 5510.00 7380.00 -4043.45 USD Million [+]
Spain -1555245.00 Nov/14 -2240060.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 3868.33 Nov/14 3226.00 3901.00 -1478.68 CHF million [+]
Turkey -8505.55 Dec/14 -8306.48 24.51 -10453.06 USD Million [+]
United Kingdom -1406.00 Nov/14 -2246.00 2946.00 -5397.00 GBP Million [+]
United States -39001.00 Nov/14 -42249.00 1946.00 -67823.00 USD Million [+]