UK Trade Deficit Narrows in November

UK trade gap decreased to GBP 3.17 billion in November of 2015 from a downwardly revised GBP 3.5 billion shortfall in the previous month as lower oil prices led imports to fall more than exports.

Total imports went down 1.8 percent to GBP 45.38 billion, all of the decrease attributed to goods, in particular imports of fuels (down GBP 0.7 billion).

Total exports shrank 1.2 percent to GBP 42.2 billion. This decrease comprised a GBP 0.2 billion fall in sales of services and a GBP 0.3 billion drop in goods, specifically finished manufactures.  
The deficit on trade in goods was GBP 10.6 billion in November, narrowing by GBP 0.6 billion when compared with October.

Shipments of goods to countries outside the EU decreased by GBP 0.1 billion (1.1 percent), attributed to a GBP 0.3 billion fall in exports of finished manufactures, offset by a GBP 0.2 billion increase in exports of oil. Imports from countries outside the EU fell by GBP 1.2 billion (7.8 percent); specifically oil which fell by GBP 0.6 billion, finished manufactures which fell by GBP 0.4 billion and miscellaneous manufactures which fell by GBP 0.2 billion. The fall in imports resulted in a GBP 1.1 billion narrowing of the deficit with non-EU countries to GBP 2.5 billion in November 2015.

Exports of goods to EU countries fell by GBP 0.2 billion (1.5 percent) with exports of oil and electrical machinery both falling by GBP 0.1 billion. Imports from the EU increased by GBP 0.4 billion (2.0 percent) to a record high of GBP 19.3 billion; there was a GBP 0.3 billion increase in finished manufactures, which included a GBP 0.1 billion increase in the import of cars, which also reached a record high of GBP 2.6 billion. Imports of miscellaneous manufactures increased by GBP 0.3 billion, with record imports of clothing and footwear and works of art; both increasing by GBP 0.1 billion. These movements resulted in a record trade in a goods deficit with EU countries of GBP8.2 billion in November 2015.

UK Trade Deficit Narrows in November

ONS | Joana Taborda |
1/8/2016 9:46:37 AM