United Kingdom Balance of Trade  1955-2017 | Data | Chart | Calendar

The UK’s deficit on trade in goods and services widened by £1.0 billion to £3.1 billion in May 2017 from an upwardly revised £2.1 billion in April. Imports rose in the month by 2.7 percent to £52.7 billion, due to an increase in imports of goods. Exports grew at a slower 0.9 percent to £49.7 billion. Balance of Trade in the United Kingdom averaged -1467.93 GBP Million from 1955 until 2017, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -6058 GBP Million in November of 2013.

United Kingdom Balance of Trade
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-11 08:30 AM Mar £-4.90B £-2.65B £-4.4B
2017-06-09 08:30 AM Apr £-2.05B £-3.90B £-3.6B
2017-07-07 08:30 AM May £-3.07B £-2.12B £-1.8B
2017-08-10 08:30 AM Jun £-3.07B
2017-09-08 08:30 AM Jul
2017-10-10 08:30 AM Aug




UK Trade Deficit Widens In May As Imports Jump


The UK’s deficit on trade in goods and services widened by £1.0 billion to £3.1 billion in May 2017 from an upwardly revised £2.1 billion in April. Imports rose in the month by 2.7 percent to £52.7 billion, due to an increase in imports of goods. Exports grew at a slower 0.9 percent to £49.7 billion.

Imports of goods and services rose by 2.7 percent to £52.7 billion in May 2017 from £51.4 billion in the previous month, boosted by higher purchases of goods, namely mechanical machinery, material manufactures (non-ferrous metals and silver) and oil; while imports of services fell. Among trading partners, imports of goods from non-EU countries jumped by 5.3 percent, due to higher purchases from Norway (21.6 percent), Switzerland (29.3 percent), Japan (8.6 percent), Hong Kong (15.7 percent) and Canada (61.2 percent). Also, imports of goods from the EU increased by 2.8 percent, mainly from Germany (5 percent), the Netherlands (6.4 percent) and Spain (8.1 percent). 

Exports of goods and services rose by 0.9 percent to £49.7 billion from £49.2 billion in April, due to an increase of 0.9 percent in sales of goods and a 0.8 percent gain in exports of services. Sales of goods to the EU advanced by 3.8 percent, mainly to France (9.7 percent) and Ireland (6 percent). By contrast, exports of goods to non-EU countries fell by 1.8 percent, dragged by lower sales to China (-6.2 percent), Switzerland (-27.9 percent) and Hong Kong (-3.4 percent).

On the price front, goods export and import prices decreased by 1 percent and 0.8 percent respectively, coinciding with the value of sterling increasing by 0.5 percent in May 2017 compared with the April average. Despite the recent increase, sterling remains 9.1 percent lower when compared with May 2016 – with goods export prices 8.2 percent and import prices 8 percent higher than May 2016.

ONS | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/7/2017 9:11:02 AM



United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -3073.00 -2116.00 2946.00 -6058.00 GBP Million [+]
Exports 49657.00 49235.00 50012.00 962.00 GBP Million [+]
Imports 52730.00 51351.00 53735.00 1031.00 GBP Million [+]
Current Account -16895.00 -12088.00 2657.00 -26298.00 GBP Million [+]
Current Account to GDP -4.40 -4.30 2.60 -4.70 percent [+]
External Debt 6046609.00 6085392.00 6428718.00 565439.00 GBP Million [+]
Terms of Trade 99.90 99.90 107.60 80.10 Index Points [+]
Capital Flows 11270.00 51392.00 51392.00 -10498.00 GBP Million [+]
Foreign Direct Investment 5114.00 110946.00 110946.00 -44536.00 GBP Million [+]
Gold Reserves 310.29 310.29 588.27 310.25 Tonnes [+]
Crude Oil Production 944.00 970.40 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.08 5.61 5.68 4.19 [+]
Tourism Revenues 2020.00 1510.00 2669.00 126.00 GBP Million [+]
Tourist Arrivals 3720.00 2920.00 3800.00 540.00 Thousand [+]
Weapons Sales 1393.00 1139.00 6069.00 744.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



United Kingdom Balance of Trade Notes

The UK's trade balance has been in deficit since 1998, due to deficits in trade in goods which are partly offset by surpluses in trade in services. The level of total UK trade in goods as a proportion of total trade in goods and services has been gradually declining since 1986 after peaking at 75 percent in 1985. This is consistent with the rising share of UK trade in services (44 percent of total trade in 2016). In 2016, the biggest goods deficits were recorded with Germany, China, and the Netherlands, and the largest surpluses were recorded with the United States and Ireland. This page provides - United Kingdom Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Balance of Trade - actual data, historical chart and calendar of releases - was last updated on July of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-3073.00 -2116.00 2946.00 -6058.00 1955 - 2017 GBP Million Monthly



balance of trade by Country

Last
Australia 2471.00 May/17
Brazil 7195.00 Jun/17
Canada -1085.90 May/17
China 427.70 Jun/17
Euro Area 21417.50 May/17
France -4886.00 May/17
Germany 22000.00 May/17
India -12959.90 Jun/17
Indonesia 1631.20 Jun/17
Italy 4341.51 May/17
Japan 439.91 Jun/17
Mexico -1079.20 May/17
Netherlands 4655.00 May/17
Russia 8519.00 May/17
South Korea 11400.00 Jun/17
Spain -1198829.00 Apr/17
Switzerland 2812.51 Jun/17
Turkey -7307.04 May/17
United Kingdom -3073.00 May/17
United States -46507.00 May/17