The UK trade deficit narrowed by GBP 0.13 billion to GBP 2.90 billion in November 2018 from a downwardly revised GBP 3.04 billion in the previous month. Exports increased 0.4 percent to an all-time high of GBP 53.95 billion and imports edged up 0.1 percent to GBP 56.86 billion. Balance of Trade in the United Kingdom averaged -1324.28 GBP Million from 1955 until 2018, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -5749 GBP Million in October of 2013.

Balance of Trade in the United Kingdom is expected to be -2300.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in the United Kingdom to stand at -300.00 in 12 months time. In the long-term, the United Kingdom Balance of Trade is projected to trend around -1800.00 GBP Million in 2020, according to our econometric models.

United Kingdom Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-10-10 08:30 AM Balance of Trade £-1.274B £-0.572B £-1.15B £-1.8B
2018-11-09 09:30 AM Balance of Trade £-0.027B £-2.101B £ -1.1B
2018-12-10 09:30 AM Balance of Trade £-3.3B £-2.331B £-2.6B
2019-01-11 09:30 AM Balance of Trade £-2.904B £-3.037B £ -2.2B
2019-02-11 09:30 AM Balance of Trade £-2.904B £ -1.9B
2019-03-12 09:30 AM Balance of Trade
2019-04-10 08:30 AM Balance of Trade



UK Trade Deficit Narrows in November

The UK trade deficit narrowed by GBP 0.13 billion to GBP 2.90 billion in November 2018 from a downwardly revised GBP 3.04 billion in the previous month.

Exports of goods and services from the UK rose 0.4 percent from a month earlier to an all-time high of GBP 53.95 billion in November, boosted by an increase of 1.2 percent in sales of services while goods exports fell 0.3 percent. Within goods commodities, decreases were recorded in exports of fuels (-9.4 percent), chemicals (-6.4 percent) and miscellaneous manufactures (-3.8 percent); while gains were seen in sales of material manufactures (5.1 percent), food & live animals (3.9 percent) and machinery & transport equipment (0.6 percent).

Among major trading partners, exports of goods to the EU fell 1 percent, as sales decreased mainly to Germany (-3.4 percent), the Netherlands (-19.3 percent) and Italy (-1.6 percent); while there was an advance in exports to France (3.2 percent), Ireland (0.4 percent), Belgium (4.8 percent) and Spain (6.1 percent). By contrast, sales to non-EU countries went up 0.4 percent, namely to Switzerland (44.4 percent), Hong Kong (16.2 percent), Japan (1.4 percent), Canada (17.5 percent), Singapore (3.1 percent) and Turkey (2 percent). Exports were lower to the US (-3.5 percent), China (-7.4 percent), the UAE (-7.1 percent), South Korea (-0.2 percent), Australia (-1.7 percent) and India (-12.2 percent).

Imports of goods and services to the UK edged up 0.1 percent to GBP 56.86 billion in November. The slight increase was driven by a 0.5 percent advance in purchases of services, while goods imports were unchanged. Within goods commodities, an increase in imports of fuels (5.2 percent), food & live animals (2.2 percent) and material manufactures (0.8 percent) was offset by declines in purchases of machinery & transport equipment (-0.9 percent), chemicals (-0.2 percent) and miscellaneous manufactures (-0.4 percent).

Among major trading partners, imports from the EU increased 1.5 percent, mainly from the Netherlands (3.6 percent), Ireland (4.2 percent), Sweden (25.9 percent) and Denmark (5 percent). Meanwhile, imports from Belgium were unchanged while a decline was recorded in imports from Germany (-1.4 percent), France (-2.4 percent), Italy (-1 percent), Spain (-0.1 percent) and Poland (-1.1 percent). By contrast, imports of goods from non-EU countries went down 1.7 percent, as purchases decreased mainly from the US (-2.2 percent), Norway (-12.9 percent), Japan (-11.9 percent), Turkey (-2 percent), Russia (-7.5 percent), India (-8.1 percent) and Hong Kong (-1.7 percent); while those from China rose 1.8 percent.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/11/2019 10:21:00 AM



United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -2904.00 -3037.00 2946.00 -5749.00 GBP Million [+]
Current Account -26522.00 -19954.00 2654.00 -32163.00 GBP Million [+]
Current Account to GDP -4.10 -5.80 2.60 -5.80 percent [+]
Imports 56856.00 56785.00 57009.00 1031.00 GBP Million [+]
Exports 53952.00 53748.00 53952.00 962.00 GBP Million [+]
External Debt 6301189.00 6382913.00 6428718.00 565439.00 GBP Million [+]
Capital Flows 33427.00 9872.00 42878.00 -15043.00 GBP Million [+]
Foreign Direct Investment 8525.00 30454.00 82539.00 -44536.00 GBP Million [+]
Gold Reserves 310.30 310.30 588.27 310.25 Tonnes [+]
Crude Oil Production 842.00 915.00 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.10 5.08 5.68 4.19 [+]
Tourism Revenues 1973.00 2757.00 3014.00 126.00 GBP Million [+]
Tourist Arrivals 3055.00 3849.00 4043.00 540.00 Thousand [+]
Weapons Sales 1214.00 1365.00 6069.00 744.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



United Kingdom Balance of Trade

The UK's trade balance has been in deficit since 1998, due to deficits in trade in goods which are partly offset by surpluses in trade in services. The level of total UK trade in goods as a proportion of total trade in goods and services has been gradually declining since 1986 after peaking at 75 percent in 1985. This is consistent with the rising share of UK trade in services (35 percent of total trade in 2017). In 2017, the biggest goods deficits were recorded with Germany, China, the Netherlands, Norway, Belgium & Luxembourg and Italy; and the largest surpluses were recorded with the United States, Ireland and South Korea. This page provides - United Kingdom Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Balance of Trade - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2904.00 -3037.00 2946.00 -5749.00 1955 - 2018 GBP Million Monthly




Country Last Previous
Argentina 979.00 Nov/18
Australia 1925.00 Nov/18
Brazil 6639.00 Dec/18
Canada -2060.10 Nov/18
China 570.60 Dec/18
Euro Area 18967.90 Nov/18
France -5099.00 Nov/18
Germany 20500.00 Nov/18
India -13080.00 Dec/18
Indonesia -1102.00 Dec/18
Italy 3843.00 Nov/18
Japan -737.30 Nov/18
Mexico -2382.00 Nov/18
Netherlands 6983.00 Nov/18
Russia 18984.00 Nov/18
Saudi Arabia 184673.00 Sep/18
Singapore 1943.12 Dec/18
South Africa 3494.40 Nov/18
South Korea 4558.00 Dec/18
Spain -3836500.00 Oct/18
Switzerland 3071.48 Nov/18
Turkey -651.36 Nov/18
United Kingdom -2904.00 Nov/18
United States -55488.00 Oct/18


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