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

The United Kingdom recorded a trade deficit of 616 GBP Million in January of 2015. Balance of Trade in the United Kingdom averaged -1280.57 GBP Million from 1955 until 2015, 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
-616.00 -2142.00 2946.00 -5397.00 1955 - 2015 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, March 29, 2015.


UK Trade Deficit Narrows to 1-1/2-Year Low


British trade gap decreased to £616 million in January from a revised £2142 million in the previous month. It is the lowest shortfall since June of 2013 due to a sharp drop in oil imports and higher exports of services.

The sharp narrowing of the deficit reflects a fall of £2.5 billion in imports. Almost half of this fall (£1.2 billion) is attributed to oil imports, where trade remains volatile due to the well publicized oil price movements. The fall in oil imports is largely from countries outside the European Union (EU). In addition there were falls in all of the main commodities imported from the EU.

In January of 2015, the gap on trade in goods and services of £ 0.6 billion reflects a deficit of £8.4 billion on goods, partially offset by an estimated surplus of £7.8 billion on services.

Between December and January, exports of goods fell by £1.0 billion to £24.1 billion. This decrease reflects a £0.8 billion fall in exports of fuels (primarily oil) and a £0.3 billion fall in exports of machinery and transport equipment. Fuel exports reached their lowest level since March 2007.

Imports of goods fell by £2.5 billion to £32.5 billion, mainly reflecting a £1.3 billion fall in imports of fuels; specifically oil imports (down £1.2 billion from December 2014). Imports of manufactured goods fell by £0.9 billion between December 2014 and January 2015; within which, machinery and transport equipment, miscellaneous manufactures and chemicals each fell by £0.3 billion. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
3/12/2015 10:22:37 AM


Recent Releases

UK Trade Deficit Widens 57% in December
British trade gap increased to £2.9 billion in December of 2014 from a revised £1.8 billion in the previous month, driven by a surge in oil imports. In 2014, the goods deficit was £120 billion, the highest since records began in 1998. Published on 2015-02-06

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. Published on 2015-01-09


Calendar GMT Event Actual Previous Consensus Forecast (i)
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
£-2.89B £-1.84B (R) £ -2B
2015-03-12 09:30 AM
Balance of Trade  Jan
£-0.616B £-2.142B (R) £-2.28 B £ -2.3B
2015-04-09 09:30 AM
Balance of Trade  Feb
£-0.616B £ -2.1B
2015-05-08 09:30 AM
Balance of Trade  Mar
£ -2.1B
2015-06-09 09:30 AM
Balance of Trade  Apr
£ -2.1B


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -616.00 -2142.00 2946.00 -5397.00 GBP Million [+]
Exports 42314.00 43312.00 46022.00 962.00 GBP Million [+]
Imports 42930.00 45454.00 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 98.90 99.40 107.60 80.10 Index Points [+]
Foreign Direct Investment 5816.00 3317.00 82671.00 -44438.00 GBP Million [+]
Gold Reserves 310.25 310.25 588.27 310.25 Tonnes [+]
Crude Oil Production 125870.00 150272.00 244156.91 1.00 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -980.00 Jan/15 -503.00 2219.00 -3897.00 AUD Million [+]
Brazil -2841.76 Feb/15 -3173.95 5659.37 -4058.14 USD Million [+]
Canada -2451.00 Jan/15 -1218.00 8524.80 -2902.90 CAD Million [+]
China 606.19 Feb/15 600.30 606.19 -319.71 USD Hundred Million [+]
Euro Area 7943.60 Jan/15 24009.80 24009.80 -16638.00 EUR Million [+]
France -3726.00 Jan/15 -3296.00 2674.00 -7086.00 EUR Million [+]
Germany 15900.00 Jan/15 18900.00 23400.00 -535.91 EUR Million [+]
India -6847.00 Feb/15 -8322.00 258.90 -20210.90 USD Million [+]
Indonesia 738.30 Feb/15 743.50 4641.92 -2329.13 USD Million [+]
Italy 219.00 Jan/15 5741.00 6923.00 -6389.30 EUR Million [+]
Japan -425.00 Feb/15 -1177.50 1608.67 -2795.04 JPY Billion [+]
Mexico 558.30 Feb/15 -3248.00 1710.25 -3292.30 USD Million [+]
Netherlands 5138.00 Jan/15 4891.20 5138.00 -907.60 EUR Million [+]
Russia 15047.00 Jan/15 12927.00 20356.00 -185.00 USD Million [+]
South Korea 7706.30 Feb/15 5362.32 7706.31 -4043.45 USD Million [+]
Spain -2596200.00 Jan/15 -1821800.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 2472.61 Feb/15 3409.00 3894.91 -1478.68 CHF million [+]
Turkey -4305.31 Jan/15 -8505.55 24.51 -10453.06 USD Million [+]
United Kingdom -616.00 Jan/15 -2142.00 2946.00 -5397.00 GBP Million [+]
United States -41752.00 Jan/15 -45601.00 1946.00 -67823.00 USD Million [+]