The UK posted a trade surplus of GBP 4.03 billion in November 2019, the biggest since monthly records began, compared to a revised GBP 1.34 billion deficit in the previous month. Exports rose 1.1 percent to an all-time high, boosted by sales of unspecified goods including non-monetary gold and fuels. Meanwhile, imports plunged 7.8 percent to a near two-year low due to purchases of food & live animals, fuels, chemicals, material manufactures, machinery & transport equipment, and miscellaneous manufactures. Among key trade partners, exports rose mostly to China, Switzerland and Turkey, but dropped to the US, Hong Kong and the EU. Imports tumbled from the EU, especially from Germany, the Netherlands and France, China, the US, Japan and Turkey. Balance of Trade in the United Kingdom averaged -1263.22 GBP Million from 1955 until 2019, reaching an all time high of 4031 GBP Million in November of 2019 and a record low of -8145 GBP Million in March of 2019. source: Office for National Statistics

Balance of Trade in the United Kingdom is expected to be -8300.00 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 -3100.00 in 12 months time. In the long-term, the United Kingdom Balance of Trade is projected to trend around -5800.00 GBP Million in 2020, according to our econometric models.

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United Kingdom Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
4031.00 -1337.00 4031.00 -8145.00 1955 - 2019 GBP Million Monthly
Current Prices, SA

Calendar GMT Actual Previous Consensus TEForecast
2019-10-10 08:30 AM Aug £-1.546B £-1.681B £-3.8B
2019-11-11 09:30 AM Sep £-3.36B £-1.76B £-2.2B
2019-12-10 09:30 AM Oct £-5.19B £-1.92B £-3.0B
2020-01-13 09:30 AM Nov £4.03B £-1.34B £-3.2B
2020-02-11 09:30 AM Dec £4.03B £ -6.6B

News Stream
UK Trade Deficit Largest in 6 Months
The total UK trade deficit widened sharply to GBP 5.19 billion in October 2019, the biggest since April, from a revised GBP 1.92 billion in the previous month. Imports jumped 6.2 percent, while exports rose at a much softer 0.8 percent, still reaching an all-time high.

UK Posts Largest Trade Gap in 4 Months
The UK trade deficit rose to GBP 3.36 billion in September 2019 from an upwardly revised GBP 1.76 billion in the previous month. This was the largest monthly trade shortfall since May, as imports surged 3.9 percent while exports advanced at a slower 1.1 percent.

UK Trade Dedicit Narrows in August
The UK trade deficit narrowed to GBP 1.55 billion in August 2019 from a revised GBP 1.68 billion in the previous month. Exports increased 0.9 percent and imports rose at a softer 0.6 percent.

UK Trade Gap Widens Slightly in July
The UK trade deficit rose slightly to GBP 0.22 billion in July 2019 from a revised GBP 0.13 billion shortfall in the previous month. Imports rose 2.7 percent while exports advanced at a slower 2.5 percent.

UK Posts First Trade Surplus since 2011
The UK posted a trade surplus of GBP 1.79 billion in June 2019 compared to a downwardly revised GBP 2.0 billion deficit in the prior month. This was the first trade surplus since February 2011, as exports grew the most since October 2016, driven by chemicals and machinery and transport equipment while imports fell for the third month running due to machinery & transport equipment and fuels.

UK Trade Gap Narrows to 8-Month Low
The UK trade deficit narrowed to GBP 2.32 billion in May 2019 from a revised GBP 3.72 billion in the previous month. That was the smallest trade deficit since last September, as exports rebounded firmly boosted by machinery & transport equipment and fuels while imports declined for the second month in a row on the back of food, material manufactures, crude materials and unspecified goods.

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.

United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade 4031.00 -1337.00 4031.00 -8145.00 GBP Million [+]
Current Account -15860.00 -24152.00 2668.00 -37392.00 GBP Million [+]
Current Account to GDP -4.30 -3.50 2.60 -5.20 percent [+]
Imports 55804.00 60529.00 65001.00 1031.00 GBP Million [+]
Exports 59835.00 59192.00 59835.00 962.00 GBP Million [+]
External Debt 6940251.00 6692718.00 6940251.00 565439.00 GBP Million [+]
Capital Flows 35873.00 20873.00 40826.00 -12724.00 GBP Million [+]
Foreign Direct Investment 15164.00 25425.00 92093.00 -44536.00 GBP Million [+]
Gold Reserves 310.29 310.29 588.27 310.25 Tonnes [+]
Crude Oil Production 1044.00 960.00 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.41 5.61 5.68 4.19 [+]
Tourism Revenues 2390.00 3120.00 3120.00 126.00 GBP Million [+]
Tourist Arrivals 3140.00 4120.00 4120.00 540.00 Thousand [+]
Goods Trade Balance -5256.00 -10947.00 775.00 -16867.00 GBP Million [+]
Weapons Sales 741.00 1235.00 5966.00 741.00 USD Million [+]