The UK trade deficit shrank to £2.86 billion in March 2023, from a downwardly revised £3.35 billion in the prior month. It was the smallest trade shortfall in four months, as imports slipped 1.8% mom to a 15-month low of £69.8 billion while exports fell at a slower 1.2% to a nine-month low of £66.9 billion. Goods imports slumped 2.8% due to a sharp decline in purchases from non-EU countries (-5.9%), notably crude oil and gas from Norway and refined oil from China. There were also decreases in other manufactures, cars, and miscellaneous metal manufactures from China. Imports from the EU were almost stable (0.1%), as a rise in imports of machinery & transport equipment from the Netherlands and Germany was offset by a fall in fuel imports from the Netherlands. Goods exports slipped 3.3%, led by non-EU countries (-6%), mostly machinery and transport equipment to China; while those to the EU were down 0.2%, as higher exports of miscellaneous manufactures were offset by a fall in chemicals. source: Office for National Statistics

Balance of Trade in the United Kingdom averaged -1395.06 GBP Million from 1955 until 2023, reaching an all time high of 8733.00 GBP Million in May of 2020 and a record low of -14245.00 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 June of 2023.

Balance of Trade in the United Kingdom is expected to be 600.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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United Kingdom Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-04-13 06:00 AM Feb £-4.805B £-3.488B £-4.9B
2023-05-12 06:00 AM Mar £-2.864B £-3.354B £ -4.8B
2023-06-14 06:00 AM Apr £-2.864B


Related Last Previous Unit Reference
Balance of Trade -2864.00 -3354.00 GBP Million Mar 2023
Current Account to GDP -5.60 -1.50 percent of GDP Dec 2022
Current Account -2483.00 -12744.00 GBP Million Dec 2022
Imports 69801.00 71094.00 GBP Million Mar 2023
Exports 66937.00 67740.00 GBP Million Mar 2023
External Debt 7299083.00 7620272.00 GBP Million Dec 2022
Foreign Direct Investment -32818.00 44637.00 GBP Million Dec 2022
Capital Flows 11728.00 -3329.00 GBP Million Dec 2022
Goods Trade Balance -16356.00 -16635.00 GBP Million Mar 2023
Tourist Arrivals 3180.00 3240.00 Thousand Dec 2022
Tourism Revenues 2410.00 2110.00 GBP Million Dec 2022
Terms of Trade 101.80 101.50 points Apr 2018

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 (about 38 percent as of 2021). The UK has trade deficits with China, Norway, Germany, Spain, Poland, Russia, Italy and India; and surpluses with the United States, Ireland, the Netherlands, Switzerland, Singapore and the United Arab Emirates.
Actual Previous Highest Lowest Dates Unit Frequency
-2864.00 -3354.00 8733.00 -14245.00 1955 - 2023 GBP Million Monthly
Current Prices, SA

News Stream
UK Posts Smallest Trade Gap in 4 Months
The UK trade deficit shrank to £2.86 billion in March 2023, from a downwardly revised £3.35 billion in the prior month. It was the smallest trade shortfall in four months, as imports slipped 1.8% mom to a 15-month low of £69.8 billion while exports fell at a slower 1.2% to a nine-month low of £66.9 billion. Goods imports slumped 2.8% due to a sharp decline in purchases from non-EU countries (-5.9%), notably crude oil and gas from Norway and refined oil from China. There were also decreases in other manufactures, cars, and miscellaneous metal manufactures from China. Imports from the EU were almost stable (0.1%), as a rise in imports of machinery & transport equipment from the Netherlands and Germany was offset by a fall in fuel imports from the Netherlands. Goods exports slipped 3.3%, led by non-EU countries (-6%), mostly machinery and transport equipment to China; while those to the EU were down 0.2%, as higher exports of miscellaneous manufactures were offset by a fall in chemicals.
2023-05-12
UK Trade Deficit Widens in February
The UK trade deficit widened to £4.81 billion in February 2023, up from a revised £3.49 billion in the previous month, as exports dropped 2.7 percent and imports declined at a softer 0.8 percent. Goods exports were down 3.5% due to a sharp decline in sales to the EU (-6.2%). Exports of fuel to the bloc led the decrease, driven by falling crude oil sales to the Netherlands and France, while exports of machinery and transport equipment were also down. Exports to non-EU countries also fell 0.7% led by a decline in chemical exports, in particular to South Korea and Canada, which was partially offset by small increases in miscellaneous manufactures, crude materials, and material manufactures. Goods imports from non-EU countries slumped 4.5%, driven by lower chemicals purchases from the US and falling imports of fuels from the US and Norway. Imports from the EU were up 1.5%, thanks to purchases of machinery and transport equipment, mainly from Germany, and fuel, mostly from the Netherlands.
2023-04-13
UK Trade Gap Narrows as Imports Fall More than Exports
The UK trade deficit narrowed to £5.86 billion in January 2023, down from £7.15 billion in the previous month, as imports tumbled 6.3% and exports fell at a softer 5.1%. Goods imports were down 8.7%, as purchases from the EU fell by 8.8% and those from non-EU countries declined by 8.7%. The decrease in imports from the EU was mainly the result of falling purchases of machinery and transport equipment, chemicals and fuels. Within non-EU trade, declines were seen in imports of gas from Norway and electrical machinery imports from China. Meanwhile, goods exports dropped 1.8%, as a fall in sales to the EU (-4.2%) was partially offset by an increase in exports to non-EU countries (0.9%). The decrease in exports to the EU was mainly led by a decline in sales of fuels, chemicals and material manufactures; while the rise in exports to non-EU countries was supported by rising chemical exports, in particular organic chemicals to the US and medicinal and pharmaceutical products to South Korea.
2023-03-10