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

The United Kingdom recorded a trade deficit of 2817 GBP Million in March of 2015. Balance of Trade in the United Kingdom averaged -1289.85 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
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Actual Previous Highest Lowest Dates Unit Frequency
-2817.00 -3318.00 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 Saturday, May 30, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-12 09:30 AM Jan £-0.616B £-2.142B (R) £-2.28 B £ -2.3B
2015-04-09 09:30 AM Feb £-2.859B £-1.54B (R) £ -0.18B
2015-05-08 09:30 AM Mar £-2.817B £-3.318B (R) £ -2.95B £ -2.1B
2015-06-09 09:30 AM Apr £-2.817B £ -2.1B
2015-07-10 09:30 AM May £ -2B
2015-08-07 09:30 AM Jun £ -2B


UK Trade Deficit Narrows in March


British trade gap decreased slightly to £2.8 billion in March from a revised £3.3 billion in the previous month as exports to countries outside the European Union rose and imports of aircraft and ships declined.

The deficit on trade and goods reflects a gap of £10.1 billion on goods, partially offset by an estimated surplus of £7.3 billion on services.

In detail, exports of goods rose 1.4 percent to £23.7 billion in March 2015. The increase mainly reflects a £0.4 billion rise in exports of manufactured goods; in particular, material manufactures (up £0.2 billion) and chemicals (up £0.2 billion). With the exception of unspecified goods which fell by £0.1 billion, exports of all main commodities rose in March 2015.

Imports of goods fell 1 percent, mainly reflecting a £0.3 billion decrease in imports of manufactured goods; specifically machinery and transport equipment which fell £0.4 billion due mainly to trade in aircraft and ships. The overall decrease in imports was partially offset by an increase in fuels, which rose by £0.2 billion.

In March 2015, exports to countries within the EU decreased by £0.3 billion. The fall was mainly attributed to fuels (specifically oil) and manufactured goods (specifically chemicals). Imports from EU countries fell by £0.9 billion between February 2015 and March 2015. Imports of manufactured goods fell by £0.7 billion; machinery and transport equipment, in particular, fell by £0.3 billion as imports of aircraft decreased. 

Outside the EU, exports rose by £0.7 billion. Manufactured goods increased by £0.5 billion, as chemicals (specifically medicinal and pharmaceutical products) rose by £0.3 billion and miscellaneous and material manufactures each rose by £0.2 billion. Oil exports also rose in March 2015, up £0.2 billion from February 2015. The increase in exports was partially offset by a £0.6 billion rise in imports from countries outside of the EU, as imports of miscellaneous manufactures rose by £0.5 billion and fuel imports rose by £0.1 billion. These increases were partially offset by lesser falls elsewhere.

Considering January to March 2015, the UK's deficit on trade in goods and services was estimated to have been £7.5 billion; widening by £1.5 billion from the previous quarter. Exports of goods fell by £2.7 billion while imports were down £1.9 billion. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
5/8/2015 1:03:29 PM


Recent Releases

UK Trade Deficit at 5-Month High
British trade gap increased to £2859 million in February from a revised £1536 million in the previous month as exports fell to a six-month low due to weaker sales to the United States. Published on 2015-04-09

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. Published on 2015-03-12


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -2817.00 -3318.00 2946.00 -5397.00 GBP Million [+]
Exports 41876.00 41575.00 46022.00 962.00 GBP Million [+]
Imports 44693.00 44893.00 47036.00 1031.00 GBP Million [+]
Current Account -25302.00 -27664.00 2693.00 -27664.00 GBP Million [+]
Current Account to GDP -5.50 -4.50 1.90 -5.50 percent [+]
External Debt -354675.00 -450721.00 88871.00 -450721.00 GBP Million [+]
Terms of Trade 99.10 98.50 107.60 80.10 Index Points [+]
Foreign Direct Investment 11944.00 16325.00 82671.00 -44438.00 GBP Million [+]
Gold Reserves 310.25 310.25 588.27 310.25 Tonnes [+]
Crude Oil Production 826.00 776.00 2747.00 1.00 BBL/D/1K [+]


Balance of Trade Reference Previous Highest Lowest Unit
Australia -1322.00 Mar/15 -1609.00 2254.00 -3877.00 AUD Million [+]
Brazil 491.00 Apr/15 458.00 5659.37 -4058.14 USD Million [+]
Canada -3019.00 Mar/15 -2215.00 8524.80 -3019.00 CAD Million [+]
China 341.34 Apr/15 30.81 606.19 -319.71 USD Hundred Million [+]
Euro Area 23372.90 Mar/15 20300.00 24009.80 -16638.00 EUR Million [+]
France -4575.00 Mar/15 -3623.00 2674.00 -7086.00 EUR Million [+]
Germany 23000.00 Mar/15 19515.32 23500.00 -535.91 EUR Million [+]
India -10990.00 Apr/15 -11790.00 258.90 -20210.90 USD Million [+]
Indonesia 454.40 Apr/15 1025.60 4641.92 -2329.13 USD Million [+]
Italy 4060.39 Mar/15 3537.91 6923.00 -6389.30 EUR Million [+]
Japan -53.44 Apr/15 227.43 1608.67 -2795.04 JPY Billion [+]
Mexico -85.30 Apr/15 479.80 1710.25 -3292.30 USD Million [+]
Netherlands 5401.00 Mar/15 6329.20 6329.20 -907.60 EUR Million [+]
Russia 14981.00 Mar/15 13597.00 20356.00 -185.00 USD Million [+]
South Korea 8488.00 Apr/15 8380.51 8488.00 -4043.45 USD Million [+]
Spain -890600.00 Mar/15 -2037200.00 634935.00 -9834766.00 EUR Thousand [+]
Switzerland 2856.00 Apr/15 2497.00 3894.91 -1478.68 CHF million [+]
Turkey -4966.00 Apr/15 -6153.67 24.51 -10453.06 USD Million [+]
United Kingdom -2817.00 Mar/15 -3318.00 2946.00 -5397.00 GBP Million [+]
United States -51367.00 Mar/15 -35892.00 1946.00 -67823.00 USD Million [+]