UK Trade Deficit Widens 76% YoY in January

UK’s trade deficit increased sharply to £ 2.56 billion in January of 2014, compared with a £ 1.45 billion gap a year earlier and a revised £ 0.66 billion deficit in December of 2013. Exports of goods and services fell to a 14-month low hurt by lower sales of aircraft and chemicals.

Total exports (including goods and services) decreased 0.7 percent on the year and 2.2 percent over December of 2013 to £ 41.018 billion. 

Exports of goods decreased by 4.0 percent between December 2013 and January 2014 to £ 24.2 billion. Sales of goods to both EU and non-EU countries fell by 3.7 percent and 4.3 percent respectively. Shipments to the EU dropped mainly due to chemicals while sales to non-EU countries fell mainly due to aircraft and chemicals.

Imports of goods and services rose 1.92 percent over a year earlier and 2.26 percent over December to £ 43.583 billion. Imports of goods from EU countries remained unchanged, whereas imports of goods from countries outside the EU increased 7.5 percent, mainly ships, aircraft, precious stones and silver.

UK Trade Deficit Widens 76% YoY in January

ONS | Joana Taborda |
3/14/2014 11:01:12 AM