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

The UK’s deficit on trade in goods and services increased to GBP 1.41 billion in October of 2017 from a downwardly revised GBP 1.14 billion gap in September but way below market expectations of a GBP 3 billion gap. Both exports and imports reached record values although purchases rose at a faster pace, mainly due to unspecified goods (including non-monetary gold) from non-EU countries. Balance of Trade in the United Kingdom averaged -1443.26 GBP Million from 1955 until 2017, reaching an all time high of 2946 GBP Million in March of 1981 and a record low of -6236 GBP Million in September of 2016.

United Kingdom Balance of Trade
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UK Trade Gap Well Below Expectations in October


The UK’s deficit on trade in goods and services increased to GBP 1.41 billion in October of 2017 from a downwardly revised GBP 1.14 billion gap in September but way below market expectations of a GBP 3 billion gap. Both exports and imports reached record values although purchases rose at a faster pace, mainly due to unspecified goods (including non-monetary gold) from non-EU countries.

Total exports went up 1.1 percent from the previous month to a record high of GBP 53.669 billion. Shipments of goods rose 1.8 percent, mainly due to semi manufactured goods (1.7 percent); finished manufactured (1.1 percent) and unspecified goods (19.9 percent). Exports of services increased 0.3 percent to GBP 23.46 billion. On the other hand, oil sales fell 1.6 percent. Shipments rose to France (1.6 percent); Italy (6 percent); Spain (2.6 percent) and Sweden (2.6 percent) but fell to Germany (-6.8 percent); Netherlands (-3.1 percent); Belgium and Luxembourg (-6.9 percent); Ireland (-0.2 percent) and China (-1.6 percent). 

Total imports rose 1.6 percent month-over-month to a record high of GBP 55.07 billion: purchases of goods advanced 2.1 percent to GBP 40.99 billion and those of services edged up 0.1 percent to GBP 14.08 billion. Imports went up for mainly for food, beverages and tobacco (1.9 percent); finished manufactured (5 percent) unspecified good (17 percent). In contrast, imports of oil went down 2.7 percent. Main rises were seen in purchases from Germany (4.4 percent); Netherlands (3.9 percent); France (0.8 percent); Belgium and Luxembourg (4 percent) and Italy (2.8 percent) while those from China went down 3.5 percent.  

Considering the three months to October, the total trade deficit narrowed by GBP 2.7 billion to GBP 5 billion. Total eports went up 2.7 percent, mainly to goods, which increased 3.8 percent. Unspecified goods (particularly non-monetary gold) was the main contributor to the increase. Total imports rose at a slower 0.8 percent. 

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
12/8/2017 10:56:39 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-10-10 08:30 AM Balance of Trade £-5.63B £-4.24B £-2.800B £-3.2B
2017-11-10 09:30 AM Balance of Trade £-2.75B £-3.46B £-4.600B £-4.7B
2017-12-08 09:30 AM Balance of Trade £-1.405B £-1.1B £-3.00B £-2.4B
2018-01-10 09:30 AM Balance of Trade £-1.405B
2018-02-09 09:30 AM Balance of Trade
2018-03-09 09:30 AM Balance of Trade


United Kingdom Trade Last Previous Highest Lowest Unit
Balance of Trade -1405.00 -1141.00 2946.00 -6236.00 GBP Million [+]
Exports 53669.00 53065.00 53669.00 962.00 GBP Million [+]
Imports 55074.00 54206.00 55074.00 1031.00 GBP Million [+]
Current Account -23182.00 -22256.00 2657.00 -33681.00 GBP Million [+]
Current Account to GDP -4.40 -4.30 2.60 -4.70 percent [+]
External Debt 6138780.00 6046609.00 6428718.00 565439.00 GBP Million [+]
Terms of Trade 101.80 101.60 107.60 80.10 Index Points [+]
Capital Flows 11099.00 16416.00 42878.00 -15043.00 GBP Million [+]
Foreign Direct Investment 7430.00 13118.00 89855.00 -44536.00 GBP Million [+]
Gold Reserves 310.29 310.29 588.27 310.25 Tonnes [+]
Crude Oil Production 941.00 931.00 2821.00 1.00 BBL/D/1K [+]
Terrorism Index 5.10 5.08 5.68 4.19 [+]
Tourism Revenues 2800.00 2750.00 2800.00 126.00 GBP Million [+]
Tourist Arrivals 3940.00 4020.00 4020.00 540.00 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

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 December of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-1405.00 -1141.00 2946.00 -6236.00 1955 - 2017 GBP Million Monthly




balance of trade by Country
Country Last
Australia 105.00 Oct/17
Brazil 3545.75 Nov/17
Canada -1474.50 Oct/17
China 402.10 Nov/17
Euro Area 18923.20 Oct/17
France -4956.00 Oct/17
Germany 18900.00 Oct/17
India -13829.20 Nov/17
Indonesia 127.20 Nov/17
Italy 3989.78 Sep/17
Japan 285.36 Oct/17
Mexico -2066.00 Oct/17
Netherlands 5157.00 Oct/17
Russia 9832.00 Oct/17
South Korea 7800.00 Nov/17
Spain -2147708.00 Oct/17
Switzerland 2333.39 Oct/17
Turkey -7324.23 Oct/17
United Kingdom -1405.00 Oct/17
United States -48731.00 Oct/17