The United Kingdom's trade deficit widened to £3.415 billion in August 2023 from £1.418 billion in the previous month as exports declined by 1.6% to a 14-month low, and imports rose by 1.2%, recovering from July's one-and-a-half-year low. In terms of exports, goods sales to non-EU countries plummeted by 4.5%, primarily due to declines in exports of chemicals, mainly driven by lower exports of organic chemicals to the US; machinery and transport equipment, which can be attributed to lower exports of cars to the US and China, and mechanical machinery to Turkey and Hong Kong; as well as fuels. Exports to the EU remained stable, with minor fluctuations across all commodities. Meanwhile, imports from non-EU countries advanced by 4.9%, driven by a rise in fuel imports resulting from increased imports of gas from Norway. Additionally, imports of miscellaneous manufactures were up, mainly due to higher imports of other manufactures from China. Imports from the EU decreased by 0.7%. source: Office for National Statistics
Balance of Trade in the United Kingdom averaged -1248.52 GBP Million from 1955 until 2023, reaching an all time high of 9557.00 GBP Million in May of 2020 and a record low of -12734.00 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 October of 2023.
Balance of Trade in the United Kingdom is expected to be -4343.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.