The UK trade deficit narrowed to £5.86 billion in January 2023, down from £7.15 billion in the previous month, as imports tumbled 6.3% and exports fell at a softer 5.1%. Goods imports were down 8.7%, as purchases from the EU fell by 8.8% and those from non-EU countries declined by 8.7%. The decrease in imports from the EU was mainly the result of falling purchases of machinery and transport equipment, chemicals and fuels. Within non-EU trade, declines were seen in imports of gas from Norway and electrical machinery imports from China. Meanwhile, goods exports dropped 1.8%, as a fall in sales to the EU (-4.2%) was partially offset by an increase in exports to non-EU countries (0.9%). The decrease in exports to the EU was mainly led by a decline in sales of fuels, chemicals and material manufactures; while the rise in exports to non-EU countries was supported by rising chemical exports, in particular organic chemicals to the US and medicinal and pharmaceutical products to South Korea. source: Office for National Statistics
Balance of Trade in the United Kingdom averaged -1390.28 GBP Million from 1955 until 2023, reaching an all time high of 8733.00 GBP Million in May of 2020 and a record low of -13626.00 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 March of 2023.
Balance of Trade in the United Kingdom is expected to be -4812.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.