UK Trade Deficit Widens in June


UK trade gap increased to £2.5 billion in June, compared with £2.4 billion in the previous month as exports of goods fell.

The deficit on trade in goods was £9.4 billion in June 2014. Exports of goods decreased by 1.6% between May and June 2014 to £23.5 billion, reflecting a £0.2 billion fall in exports of fuels, a £0.2 billion fall in semi manufactured goods and a £0.2 billion fall in exports of finished manufactures. Within fuels, oil exports fell by £0.1 billion and within finished manufactures, aircraft and ships combined fell by £0.2 billion.  Erratics, which include aircraft and ships, accounted for around 60% of the overall fall in exports of goods in June 2014.

Imports of goods for the same period decreased by 0.4% to £32.9 billion, reflecting a £0.4 billion fall in imports of fuels; specifically oil imports which fell £0.3 billion. Imports of manufactured goods as a whole rose by £0.1 billion in June 2014, however, there were significant individual falls within manufactures; imports of aircraft fell by £0.6 billion and imports of medicinal and pharmaceutical products fell by £0.3 billion. These decreases were offset by increases elsewhere, notably imports of cars (which rose by £0.2 billion) and silver (which rose £0.1 billion).

In June 2014, exports of goods to the European Union (EU) remained unchanged at £12.0 billion; a £0.3 billion fall in exports of fuels was partially offset by a similar sized rise in exports of manufactured goods. Imports of goods from the EU increased by £0.5 billion to £17.6 billion, reflecting an increase of £0.2 billion in imports of manufactured goods and a further £0.1 billion rise in imports of fuels (primarily oil).

In June 2014, exports of goods to countries outside of the EU decreased by £0.4 billion to £11.5 billion, reflecting a decrease of £0.5 billion in exports of manufactured goods; finished manufactures (specifically aircraft) and chemical manufactures (specifically medicinal and pharmaceutical products) each accounted for £0.2 billion. Imports from countries outside of the EU decreased by £0.6 billion to £15.3 billion.

UK Trade Deficit Widens in June


Office for National Statistics | anna@tradingeconomics.com
8/8/2014 9:36:26 AM