The goods trade deficit in the UK narrowed sharply to GBP 5.26 billion in November 2019 from a revised GBP 10.95 billion in the previous month and well below market expectations of GBP 11.7 billion. That was the smallest trade gap since June 2005 as exports rose 2.2 percent to an all-time high of GBP 32.58 billion while imports tumbled 11.6 percent to GBP 37.84 billion, the lowest since February 2018. Goods Trade Balance in the United Kingdom averaged -3506.58 GBP Million from 1970 until 2019, reaching an all time high of 775 GBP Million in January of 1981 and a record low of -16867 GBP Million in February of 2019. source: Office for National Statistics
Goods Trade Balance in the United Kingdom is expected to be -11800.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Goods Trade Balance in the United Kingdom to stand at -13200.00 in 12 months time. In the long-term, the United Kingdom Goods Trade Balance is projected to trend around -10800.00 GBP Million in 2020, according to our econometric models.