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. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
-2058.00 -2203.00 2946.00 -5269.00 -2120.78 | 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 £ -2.1B
2014-06-06 09:30 AM United Kingdom
Balance of Trade
Apr 2014 £ -2.2B
[+]

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 -2120.78 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 [+]
Crude Oil Production 932.00 2013-12-15 810.00 2747.00 1.00 840.14 2014-01-31 Thousands Barrels per Day [+]
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.


RELATED NEWS

UK Unemployment Rate Down to 5-Year Low  
In the three months to February of 2014, UK jobless rate fell to 6.9 percent, down from 7.2 percent in the previous period. Pay growth rose 1.7 percent and caught up with inflation for the first time in nearly four years.
UK Inflation Rate Slows Further in March  
UK annual consumer prices fell to its lowest in over four year in March of 2014. The inflation rate decelerated for the sixth consecutive month to 1.6 percent, down from 1.7 percent in February, due to lower fuel, clothing and furniture prices.
BoE Leaves Rate Steady  
At its April 10th, 2014 meeting, Bank of England decided to leave the benchmark interest rate on hold at 0.5 percent and the size of its asset purchase programme unchanged at £375 billion, as widely expected.
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.
UK Economy Advances 1.7% in 2013  
The UK GDP expanded at its fastest pace in three years in 2013. Final estimates showed the economy advanced 1.7 percent, compared with a meager 0.3 percent expansion in 2012. Between Q4 2012 and Q4 2013, the GDP increased by 2.7 percent, unrevised from the previous estimate.
UK GDP Growth Confirmed at 0.7% in Q4  
UK economy advanced 0.7 percent quarter on quarter in the last three months of 2013, in line with previous estimates. Full-year GDP growth in 2013 was revised down to 1.7 percent from 1.8 percent recorded earlier.
UK Inflation Rate Slows to 4-Year Low  
In February of 2014, UK’s annual consumer prices eased to 1.7 percent, the lowest rate since October of 2009, dipping further below the Bank of England's target. The biggest downward contribution was transport cost, mainly fuel prices, which showed its biggest drop since September 2009.
UK Unemployment Rate Steady at 7.2%  
In the three months to January of 2014, UK jobless rate remained unchanged at 7.2 percent, after rising to that level in the three months to December of 2013. Claimant count decreased more than expected and average weekly earnings picked up.
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.
BoE Leaves Monetary Policy Unchanged  
The Bank of England’s Monetary Policy Committee decided on March 6th 2014 to maintain the bank rate on hold at 0.5 percent, as widely expected. The stock of asset purchases was also left unchanged at 375 billion pounds.
MORE RELATED NEWS

LATEST NEWS

Tokyo Core CPI At 22- Year High in April  
Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 2.7 percent in April from a year earlier, the fastest gain since 1992 as an increase in sales tax drove up cost of goods and services.
US Durable Goods Orders Surge in March  
New orders for manufactured durable goods in March increased $6.0 billion or 2.6 percent to $234.8 billion. This increase, up two consecutive months, followed a 2.1 percent February increase.
US Jobless Claims Rise in Latest Week  
In the week ending April 19, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 24,000 from the previous week's revised level. There were no special factors impacting this week's initial claims.
Central Bank of Turkey Leaves Main Rates on Hold  
The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.
Swiss Trade Surplus Narrows Further in March  
The trade surplus decreased 10.6 percent in March of 2014 from the previous month to CHF 2.1 billion as imports rose at a higher pace than exports. Compared with a year earlier, the trade balance increased by 17.2 percent, driven by stronger sales of pharmaceuticals and chemicals products, and machinery to Europe and China.
Polish Unemployment Rate Falls in March  
Poland’s jobless rate dropped for the second straight month in March of 2014 to 13.5 percent, down from 13.9 percent in February and below market forecasts. A year earlier, unemployment was recorded at 14.3 percent.
South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News






Markets

GDP

Labour

Prices

Money

Trade

Government

Business

Consumer

Taxes

Housing