United Kingdom Balance of Trade

The United Kingdom recorded a trade deficit of 2058 GBP Million in February of 2014. Balance of Trade in the United Kingdom is reported by the Office for National Statistics. Balance of Trade in the United Kingdom averaged -1144.51 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. 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. 2014-04-16

Actual Previous Highest Lowest Forecast Dates Unit Frequency
-2058.00 -2203.00 2946.00 -5269.00 -2162.30 | 2014/03 1955 - 2014 GBP Million Monthly

TO

United Kingdom Balance of Trade
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2014-01-09 09:30 AM United Kingdom
Balance of Trade
Nov 2013 £ -3.2B £ -3.5B (R) £ -2.4B
2014-02-07 09:30 AM United Kingdom
Balance of Trade
Dec 2013 £-1.0B £ -3.5B (R) £ -2.7B
2014-03-14 09:30 AM United Kingdom
Balance of Trade
Jan 2014 £-2.565B £-0.668B (R) £ -3B
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 £-2.058B £ -2.2B
2014-06-06 09:30 AM United Kingdom
Balance of Trade
Apr 2014 £ -2B
[+]

Trade Last Previous Highest Lowest Forecast Unit
Current Account to GDP -4.40 2013-12-31 -3.80 1.90 -4.90 -4.53 2014-12-31 Percent [+]
Current Account -22360.00 2013-11-15 -22830.00 2752.00 -22830.00 -23689.06 2014-03-31 GBP Million [+]
Balance of Trade -2058.00 2014-02-15 -2203.00 2946.00 -5269.00 -2162.30 2014-03-31 GBP Million [+]
Exports 40592.00 2014-02-15 40971.00 43566.00 962.00 40572.06 2014-03-31 GBP Million [+]
Imports 42650.00 2014-02-15 43174.00 45364.00 1031.00 42841.13 2014-03-31 GBP Million [+]
External Debt -21222.00 2013-12-31 97635.00 97635.00 -218422.00 86978.27 2014-03-31 GBP Million [+]
Foreign Direct Investment 9170.00 2013-11-15 2695.00 70710.00 -7354.00 2703.49 2014-03-31 GBP Million [+]
Terms of Trade 98.70 2014-02-15 98.70 111.80 82.20 98.72 2014-03-31 Index Points [+]
[+]


UK Trade Deficit Narrows in February

Britain’s goods and services trade gap decreased to £ 2.06 billion in February of 2014, down from a revised £ 2.2 billion deficit in the previous month, as both exports and imports fell.

There was a deficit of £ 9.1 billion on goods, partly offset by an estimated surplus of £7.0 billion on services.

Total exports (including goods and services) decreased 0.93 percent over the previous month to £ 40.59 billion and imports dropped 1.2 percent to £ 42.65 billion.

Exports of goods decreased by 1.6 percent between January and February of 2014 to £ 23.5 billion. Imports for the same period decreased by 2.2 percent to £ 32.6 billion; roughly three-quarters of this movement is attributed to a fall in the import of erratics (ships, aircraft, precious stones and silver) which decreased by 34.5 percent from the previous month. Removing the impact of erratics, specifically imports of aircraft which decreased by 46.3 percent from the previous month, imports decreased by 0.6 percent between January and February 2014.

In February 2014, exports of goods to the EU decreased by £0.3 billion to £11.7 billion; of which £0.3 billion was attributed to fuels and in particular, trade in oil. Imports from the EU increased by £0.3 billion to £17.8 billion, mainly due to imports of finished manufactures which rose £0.2 billion from the previous month.

Exports of goods to countries outside of the EU decreased by less than £0.1 billion to £11.9 billion; an increase of £0.2 billion from exports of fuels was offset by decreases in all other key commodities. Imports from countries outside of the EU decreased by £1.0 billion to £14.8 billion. The decrease reflects falls in imports of finished manufactures (specifically aircraft) and imports of fuels (specifically oil).  

In the three months ending February 2014, exports of goods decreased by 2.5 percent, reflecting falls across a range of commodities. Imports of goods decreased by 4.7 percent in the three months to February 2014, reflecting falls in semi-manufactures and oil. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
4/9/2014 9:49:35 AM

RECENT RELEASES

UK Trade Deficit Widens 76% YoY in January
UK’s trade deficit increased sharply to £ 2.56 billion in January of 2014, compared with a £ 1.45 billion gap a year earlier and a revised £ 0.66 billion deficit in December of 2013. Exports of goods and services fell to a 14-month low hurt by lower sales of aircraft and chemicals. Published on 2014-03-14

UK Trade Deficit Narrows 71% in December
UK's trade deficit shrank to its lowest since July of 2012 in December of 2013 boosted by a jump in exports of oil, chemicals and aircraft and a fall in imports of aircraft and ships. Published on 2014-02-07


Balance of Trade | Notes
The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time. A positive balance of trade is known as a trade surplus and occurs when value of exports is higher than that of imports; a negative balance of trade is known as a trade deficit or a trade gap.


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