UK Trade Deficit Narrows to 3-Month Low in March


UK trade gap declined to £1.3 billion in March, compared with a deficit of £1.7 billion in the previous month as exports grew more than imports.

Exports of goods increased by 4.9 percent between February and March to £24.6 billion reflecting an increase in sales of finished manufactures which increased by £0.6 billion. This increase was spread fairly evenly within finished manufactures, however sales of jewellery and cars were the most significant movements, rising by £0.2 billion and £0.1 billion respectively. 

Imports of goods for the same period increased by 2.8 percent to £33.1 billion. Again, the rise reflects an increase in the inflow of finished manufactures, specifically imports of aircraft which rose £0.3 billion from the previous month.

Shipments of goods to countries within the European Union (EU) increased by £0.7 billion to £12.3 billion; £0.6 billion of this increase was attributed to trade in oil. Sales of goods to countries outside of the EU increased by £0.4 billion to £12.4 billion.

Purchases from the EU increased by £0.1 billion to £17.6 billion. A £0.3 billion increase in imports of semi manufactures (primarily chemicals) was almost entirely offset by a £0.3 billion fall in imports of fuels. Imports from countries outside of the EU increased by £0.8 billion to £15.6 billion. 

UK Trade Deficit Narrows to 3-Month Low in March


ONS | Nuno Fontes | nuno@tradingeconomics.com
5/9/2014 11:40:12 AM