The UK trade deficit rose slightly to GBP 0.22 billion in July 2019 from a revised GBP 0.13 billion shortfall in the previous month. Imports rose 2.7 percent while exports advanced at a slower 2.5 percent. Balance of Trade in the United Kingdom averaged -1368.04 GBP Million from 1955 until 2019, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -7026 GBP Million in February of 2019.

Balance of Trade in the United Kingdom is expected to be -3300.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in the United Kingdom to stand at -3200.00 in 12 months time. In the long-term, the United Kingdom Balance of Trade is projected to trend around -2800.00 GBP Million in 2020, according to our econometric models.

United Kingdom Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-10 08:30 AM Balance of Trade Apr £-2.740B £-6.151B £-3.2B
2019-07-10 08:30 AM Balance of Trade May £-2.324B £-3.716B £-2.6B
2019-08-09 08:30 AM Balance of Trade Jun £1.779B £-2.002B £-2.9B
2019-09-09 08:30 AM Balance of Trade Jul £-0.219B £-0.132B £-2.3B
2019-10-10 08:30 AM Balance of Trade Aug £-0.219B £-3.8B
2019-11-11 09:30 AM Balance of Trade Sep £ -3.3B
2019-12-10 09:30 AM Balance of Trade Oct £-3.0B



UK Trade Gap Widens Slightly in July

The UK trade deficit rose slightly to GBP 0.22 billion in July 2019 from a revised GBP 0.13 billion shortfall in the previous month. Imports rose 2.7 percent while exports advanced at a slower 2.5 percent.

Imports of goods and services to the UK advanced 2.7 percent from a month earlier to GBP 55.30 billion in July 2019, the first gain in four months and the highest since January, following a downwardly revised 2.5 percent decrease in June. Purchases of goods went up 3.3 percent to GBP 41.19 billion, mainly driven by machinery and transport equipment (3.7 percent); miscellaneous manufactures (2.5 percent); chemicals (11 percent); fuels (3.6 percent); food & live animals (4.3 percent) and crude materials (12.3 percent). In contrast, lower acquisitions were recorded for material manufactures (-5.9 percent). At the same time, services imports rose 1.2 percent, the most in eight months, following a 0.3 percent gain in the prior month.

Among major trading partners, imports of goods from non EU-countries jumped 5.6 percent, mostly from China (3.5 percent), the US (14.1 percent), Norway (27.6 percent), Turkey (36.9 percent), India (55.7 percent), Japan (9.6 percent) and Russia (20.1 percent). Meantime, purchases from the EU grew 1.3 percent, namely Germany (7.9 percent), the Netherlands (2.4 percent), France (0.6 percent), Belgium (5.1 percent) and Spain (3.0 percent).

Exports from the UK increased 2.5 percent month-over-month to GBP 55.08 billion in July 2019, after a downwardly revised 1.9 percent rise in June. Shipments of goods grew 3.5 percent to GBP 31.05 billion, boosted by machinery & transport equipment (1.5 percent); chemicals (8.2 percent); miscellaneous manufactures (6.6 percent); fuels (3.8 percent). However, overseas sales fell for animal & vegetable oils & fats (-10.2 percent); crude materials (-0.2 percent) and beverages & tobacco (-3.9 percent). On the other hand, exports of services rose 1.3 percent, the most in eight months, after a 0.6 percent rise in June. 

Among major trading partners, goods exports to non-EU countries surged 5.2 percent, primarily to the US (13.8 percent), China (18.8 percent), Switzerland (8.7 percent), Hong Kong (1.7 percent) and Japan (11.9 percent). Exports to the EU rose 1.5 percent, in particular to Germany (5.8 percent), France (9.4 percent), Ireland (2.6 percent) and Spain (7.5 percent), but decreased to the Netherlands (-5.6 percent) and Belgium (-15.1 percent).


ONS | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/9/2019 9:46:42 AM


News

UK Posts First Trade Surplus since 2011
The UK posted a trade surplus of GBP 1.79 billion in June 2019 compared to a downwardly revised GBP 2.0 billion deficit in the prior month. This was the first trade surplus since February 2011.
Published on 2019-08-09

UK Trade Gap Narrows to 8-Month Low
The UK trade deficit narrowed to GBP 2.32 billion in May 2019 from a revised GBP 3.72 billion in the previous month. That was the smallest trade deficit since last September.
Published on 2019-07-10

UK Posts Smallest Trade Gap in 7 Months
The UK trade deficit narrowed to GBP 2.74 billion in April 2019 from an upwardly revised GBP 6.15 billion in the previous month. It was the lowest trade deficit since last September, as imports posted the largest decline on record.
Published on 2019-06-10

UK Trade Gap Narrows in March
The UK trade deficit shrank to GBP 5.41 billion in March 2019 from an upwardly revised GBP 6.22 billion in the previous month.
Published on 2019-05-10



United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -219.00 -132.00 2946.00 -7026.00 GBP Million [+]
Current Account -30045.00 -23707.00 2654.00 -32163.00 GBP Million [+]
Current Account to GDP -3.90 -3.30 2.60 -5.20 percent [+]
Imports 55300.00 53845.00 62200.00 1031.00 GBP Million [+]
Exports 55081.00 53713.00 55669.00 962.00 GBP Million [+]
External Debt 6432146.00 6621492.00 6621492.00 565439.00 GBP Million [+]
Capital Flows 16784.00 34972.00 40569.00 -15043.00 GBP Million [+]
Foreign Direct Investment -15010.00 15947.00 82539.00 -44536.00 GBP Million [+]
Gold Reserves 310.29 310.30 588.27 310.25 Tonnes [+]
Crude Oil Production 1050.00 1019.00 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.61 5.10 5.68 4.19 [+]
Tourism Revenues 2060.00 1600.00 3014.00 126.00 GBP Million [+]
Tourist Arrivals 3280.00 3070.00 4043.00 540.00 Thousand [+]
Goods Trade Balance -9144.00 -8920.00 775.00 -15897.00 GBP Million [+]
Weapons Sales 741.00 1235.00 5966.00 741.00 USD Million [+]

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



United Kingdom Balance of Trade

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 (35 percent of total trade in 2017). In 2017, the biggest goods deficits were recorded with Germany, China, the Netherlands, Norway, Belgium & Luxembourg and Italy; and the largest surpluses were recorded with the United States, Ireland and South Korea. 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-219.00 -132.00 2946.00 -7026.00 1955 - 2019 GBP Million Monthly
Current Prices, SA




Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia -60.00 Jul/19
Italy 5728.50 Jun/19
Japan -249.59 Jul/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 2831.10 Jul/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 2671.16 Jul/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19


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