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.