United Kingdom Balance of Trade

The United Kingdom recorded a trade deficit of 2418 GBP Million in May of 2014. Balance of Trade in the United Kingdom averaged -1150.11 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.

   
 
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United Kingdom Balance of Trade


Actual Previous Highest Lowest Dates Unit Frequency
-2418.00 -2052.00 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.


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.

Between April and May, total exports (including goods and services) increased marginally by 0.47 percent to £40.93 billion. Total imports rose 1.3 percent to £43.35 billion. 

There was a deficit of £9.2 billion on goods, partly offset by an estimated surplus of £6.8 billion on services. Exports of goods increased by 0.6 percent between April and May 2014 to £24.1 billion. The increase reflects a £0.2 billion rise in exports of semi-manufactured goods, specifically material manufactures which rose £0.1 billion from the previous month.

Imports of goods for the same period increased by 1.7 percent to £33.3 billion, reflecting a rise in imports of finished manufactured goods of £0.4 billion. Within finished manufactures, imports of aircraft rose £0.4 billion.

In May 2014, exports of goods to the European Union decreased by less than £0.1 billion to £12.2 billion; falls in the export of manufactured goods were almost entirely offset by a rise in exports of oil. Imports of goods from the EU increased by £0.3 billion to £17.4 billion. 

Exports of goods to countries outside of the EU increased by £0.2 billion to £11.9 billion. In contrast with trade with the EU, exports of manufactured goods rose from the previous month and were partially offset by a fall in exports of oil. Imports from countries outside of the EU increased by £0.3 billion to £15.9 billion, reflecting an increase in imports of semi-manufactured goods. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
7/10/2014 9:49:41 AM


Recent Releases

UK Trade Deficit Widens Sharply in April
UK's trade gap on goods and services increased to £2.5 billion in April 2014, compared with £1.1 billion in March 2014, as exports to countries outside the European Union declined and imports grew slightly. Published on 2014-06-06

UK Trade Deficit Narrows to 3-Month Low in March
UK trade gap declined to £1.3 billion in March, compared with a deficit of £1.7 billion in the previous month as exports grew more than imports. Published on 2014-05-09


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-09 09:30 AM United Kingdom
Balance of Trade
Feb 2014 £-2.058B £-2.203B (R) £ -1.5B
2014-05-09 09:30 AM United Kingdom
Balance of Trade
Mar 2014 £ -1.28B £ -1.71B (R) £ -2B £ -2.1B
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 £ -2.418B £ -2.1B


Trade Last Previous Highest Lowest Unit
Balance of Trade -2418.00 -2052.00 2946.00 -5269.00 GBP Million [+]
Exports 40936.00 40744.00 43533.00 962.00 GBP Million [+]
Imports 43354.00 42796.00 45307.00 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 99.00 99.00 111.80 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 881.00 885.00 2747.00 1.00 BBL/D/1K [+]





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