The UK's trade deficit widened to £3.129 billion in January 2024, up from a three-month low of £2.603 billion recorded in the prior month, propelled by a 1.4% surge in imports coupled with a 0.7% rise in exports. Imports from the EU grew by 0.7%, primarily fueled by heightened purchases of fuel, including refined oil from Sweden and crude oil from Norway, as well as food and live animals. Furthermore, imports from non-EU nations surged by 3.8%, driven by notable increases in miscellaneous manufactures, particularly clothing imports from Bangladesh and China, as well as fuels, notably gas and both refined and crude oil from the US, alongside material manufactures. Conversely, while goods exports to the EU experienced a modest uptick of 0.8%, attributed to increased sales of fuel, notably crude oil to Poland and refined oil to Belgium, as well as chemicals, exports to non-EU countries saw a decline of 1.7% due to reduced sales of fuels and chemicals. source: Office for National Statistics
The United Kingdom recorded a trade deficit of 3129 GBP Million in January of 2024. Balance of Trade in the United Kingdom averaged -1267.11 GBP Million from 1955 until 2024, reaching an all time high of 9557.00 GBP Million in May of 2020 and a record low of -12744.00 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 2024.
The United Kingdom recorded a trade deficit of 3129 GBP Million in January of 2024. Balance of Trade in the United Kingdom is expected to be -2100.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.