UK Trade Deficit Widens in July

The UK’s deficit on trade in goods and services was estimated to have been £3.4 billion in July 2015, £2.6 billion more compared with June 2015 as exports of goods plunged 9.5 percent and imports rose by 0.5 percent.

Exports of goods decreased by £2.3 billion to £22.8 billion in July 2015, the lowest export figure since September 2010. This is attributed to decreases in semi-manufactures (specifically chemicals) of £1.0 billion and finished manufactures of £0.8 billion. 

Imports of goods rose by £0.3 billion to £33.9 billion between June 2015 and July 2015, reflecting increases in imports of machinery and transport equipment. 

Nearly 3-quarters of the fall in exports was attributed to a fall in exports of goods to countries outside of the EU. In percentage terms non-EU exports fell by 12.6% the largest fall since July 2013. Falls in exports to the USA (£0.9 billion), Switzerland (£0.3 billion) and China (£0.2 billion) were the most notable. In terms of commodities, the majority of the decrease was within exports of chemicals.

Exports of goods to EU countries fell by £0.6 billion to £11.0 billion, the lowest level since November 2009. This fall was attributed to decreases in exports of oil and machinery and transport equipment.

UK Trade Deficit Widens in July

ONS | Joana Taborda |
9/9/2015 9:44:48 PM