The UK trade deficit shrank to GBP 3.1 billion in September of 2022 from a downwardly revised GBP 4.7 billion in the previous month. It was the smallest trade shortfall since last December, as imports slumped by 3.8% primarily driven by a decrease in fuel imports, linked to falling gas imports from Norway and falling oil prices during September. Purchases of goods from the EU tumbled 7.3% and those from non-EU countries were down 3.0%. Meanwhile, exports fell at a softer 1.8%, with goods exports to the EU falling by 5.1% and those to non-EU countries decreasing by 4.2%. Considering the third quarter as a whole, the total trade in goods and services deficit, excluding precious metals, narrowed by GBP 1.3 billion to GBP 23.7 billion, but has remained relatively unchanged over the past three quarters. source: Office for National Statistics
Balance of Trade in the United Kingdom averaged -1343.18 GBP Million from 1955 until 2022, reaching an all time high of 8733.00 GBP Million in May of 2020 and a record low of -11906.00 GBP Million in January of 2022. This page provides - United Kingdom Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.
Balance of Trade in the United Kingdom is expected to be -2000.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Balance of Trade is projected to trend around 1500.00 GBP Million in 2023 and -7300.00 GBP Million in 2024, according to our econometric models.