United Kingdom Balance of Trade  1955-2018 | Data | Chart | Calendar

The UK trade deficit narrowed by GBP 0.83 billion to GBP 0.11 billion in July 2018 from a downwardly revised GBP 0.94 billion in the previous month, and below market expectations of a GBP 2.1 billion gap. It was the smallest trade deficit since a surplus was recorded in February, as both exports and imports hit all-time highs. Balance of Trade in the United Kingdom averaged -1387.61 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.

United Kingdom Balance of Trade
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UK July Trade Deficit Smallest in 5 Months


The UK trade deficit narrowed by GBP 0.83 billion to GBP 0.11 billion in July 2018 from a downwardly revised GBP 0.94 billion in the previous month, and below market expectations of a GBP 2.1 billion gap. It was the smallest trade deficit since a surplus was recorded in February, as both exports and imports hit all-time highs.

Exports of goods and services from the UK increased 2 percent to an all-time high of GBP 54.38 billion in July from GBP 53.33 billion in the previous month, due to higher sales of goods (2.8 percent), in particular fuels (20.5 percent), material manufactures (2.6 percent), and food & live animals (1.4 percent). Meanwhile, there was a decline in exports of machinery & transport equipment (-1.5 percent), miscellaneous manufactures (-3.5 percent) and chemicals (-3.2 percent). Exports of services advanced 0.9 percent.

Among major trading partners, exports of goods to the EU went up 2.1 percent, as sales increased mainly to Germany (2.9 percent), the Netherlands (9.9 percent), Ireland (8 percent), Belgium (6 percent), Spain (4.1 percent) and Italy (4.5 percent); while there was a decline in exports to France (-3.4 percent). Also, sales to non-EU countries jumped 3.5 percent, namely to the US (4.8 percent), China (1.7 percent), Switzerland (22.2 percent), South Korea (85.5 percent), Hong Kong (34.2 percent), Turkey (5 percent) and India (17.3 percent). Exports were lower for the UAE (-11.5 percent) and Canada (-25.5 percent).

Imports rose at a softer 0.4 percent to a record GBP 54.49 billion in July from GBP 54.28 billion in the previous month. The increase was driven by a 0.6 percent rise in imports of services and a 0.3 percent gain in purchases of goods, mainly fuels (8 percent), miscellaneous manufactures (2.7 percent), and food & live animals (2.3 percent). On the other hand, imports fell for machinery & transport equipment (-2.6 percent), chemicals (-2.2 percent), and material manufactures (-1.8 percent).

Among trading partners, imports of goods from non-EU countries went up 2.6 percent, as purchases increased the most from China (10.8 percent), Norway (14.9 percent), Russia (20.3 percent), Japan (4.9 percent), Turkey (3.3 percent) and India (19.5 percent); while those from the US dropped 5 percent. By contrast, imports from the EU decreased 1.5 percent, mainly from Germany (-4.2 percent), the Netherlands (-2.8 percent), Italy (-0.1 percent) and Spain (-4.5 percent). There was an increase in imports from France (9.7 percent), Belgium (0.7 percent) and Ireland (6.7 percent).

In the three months to July, the trade deficit narrowed GBP 1.4 billion to GBP 3.4 billion, as exports of goods and services both increased more than imports.


ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/10/2018 9:26:34 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-07-10 08:30 AM Balance of Trade £-2.79B £-3.087B £-2.2B
2018-08-10 08:30 AM Balance of Trade £-1.861B £-3.141B £-2.5B £ -3B
2018-09-10 08:30 AM Balance of Trade £-0.111B £-0.942B £-2.1B £-2.3B
2018-10-10 08:30 AM Balance of Trade £-0.111B £-1.8B
2018-11-09 09:30 AM Balance of Trade £ -1.1B
2018-12-11 09:30 AM Balance of Trade £-2.6B


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -111.00 -942.00 2946.00 -5749.00 GBP Million [+]
Exports 54378.00 53334.00 54378.00 962.00 GBP Million [+]
Imports 54489.00 54276.00 54489.00 1031.00 GBP Million [+]
Current Account -17720.00 -19537.00 2654.00 -32163.00 GBP Million [+]
Current Account to GDP -4.10 -5.80 2.60 -5.80 percent [+]
External Debt 6412914.00 6385526.00 6428718.00 565439.00 GBP Million [+]
Terms of Trade 101.80 101.60 107.60 80.10 Index Points [+]
Capital Flows 3074.00 24382.00 42878.00 -15043.00 GBP Million [+]
Foreign Direct Investment -3896.00 8667.00 82539.00 -44536.00 GBP Million [+]
Gold Reserves 310.30 310.30 588.27 310.25 Tonnes [+]
Crude Oil Production 914.00 1023.00 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.10 5.08 5.68 4.19 [+]
Tourism Revenues 1778.00 1208.00 3014.00 126.00 GBP Million [+]
Tourist Arrivals 2978.00 2365.00 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 September of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-111.00 -942.00 2946.00 -5749.00 1955 - 2018 GBP Million Monthly




balance of trade by Country
Country Last
Argentina -789.00 Jul/18
Australia 1551.00 Jul/18
Brazil 3774.99 Aug/18
Canada -114.30 Jul/18
China 279.10 Aug/18
Euro Area 17555.60 Jul/18
France -3490.00 Jul/18
Germany 16461.00 Jul/18
India -17390.00 Aug/18
Indonesia -1021.40 Aug/18
Italy 5676.00 Jul/18
Japan -444.59 Aug/18
Mexico -2889.20 Jul/18
Netherlands 4612.00 Jul/18
Russia 13402.00 Jul/18
Saudi Arabia 120299.00 Mar/18
Singapore 6755.10 Aug/18
South Africa -4657.00 Jul/18
South Korea 6900.00 Aug/18
Spain -2448240.00 Jun/18
Switzerland 1407.94 Aug/18
Turkey -5980.00 Jul/18
United Kingdom -111.00 Jul/18
United States -50082.00 Jul/18


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