The UK trade deficit shrank to GBP 3.1 billion in September of 2022 from a downwardly revised GBP 4.7 billion in the previous month. It was the smallest trade shortfall since last December, as imports slumped by 3.8% primarily driven by a decrease in fuel imports, linked to falling gas imports from Norway and falling oil prices during September. Purchases of goods from the EU tumbled 7.3% and those from non-EU countries were down 3.0%. Meanwhile, exports fell at a softer 1.8%, with goods exports to the EU falling by 5.1% and those to non-EU countries decreasing by 4.2%. Considering the third quarter as a whole, the total trade in goods and services deficit, excluding precious metals, narrowed by GBP 1.3 billion to GBP 23.7 billion, but has remained relatively unchanged over the past three quarters. source: Office for National Statistics

Balance of Trade in the United Kingdom averaged -1343.18 GBP Million from 1955 until 2022, reaching an all time high of 8733.00 GBP Million in May of 2020 and a record low of -11906.00 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 November of 2022.

Balance of Trade in the United Kingdom is expected to be -7800.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Balance of Trade is projected to trend around 1500.00 GBP Million in 2023 and -7300.00 GBP Million in 2024, according to our econometric models.

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United Kingdom Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-10-12 06:00 AM Aug £-7.080B £-5.445B £-8.4B
2022-11-11 07:00 AM Sep £-3.135B £-4.676B £ -6.8B
2022-12-12 07:00 AM Oct £-3.135B


Related Last Previous Unit Reference
Balance of Trade -3135.00 -4676.00 GBP Million Sep 2022
Current Account -33768.00 -43875.00 GBP Million Jun 2022
Current Account to GDP -2.00 -3.20 percent of GDP Dec 2021
Exports 69188.00 70471.00 GBP Million Sep 2022
Imports 72323.00 75147.00 GBP Million Sep 2022
External Debt 7181067.00 7317114.00 GBP Million Jun 2022
Foreign Direct Investment 20013.00 1289.00 GBP Million Jun 2022
Capital Flows 10208.00 12515.00 GBP Million Jun 2022
Goods Trade Balance -15656.00 -17177.00 GBP Million Sep 2022
Tourist Arrivals 2730.00 2150.00 Thousand Jun 2022
Tourism Revenues 2749.00 2225.00 GBP Million Jun 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
-3135.00 -4676.00 8733.00 -11906.00 1955 - 2022 GBP Million Monthly
Current Prices, SA

News Stream
UK Trade Gap Narrows in September
The UK trade deficit shrank to GBP 3.1 billion in September of 2022 from a downwardly revised GBP 4.7 billion in the previous month. It was the smallest trade shortfall since last December, as imports slumped by 3.8% primarily driven by a decrease in fuel imports, linked to falling gas imports from Norway and falling oil prices during September. Purchases of goods from the EU tumbled 7.3% and those from non-EU countries were down 3.0%. Meanwhile, exports fell at a softer 1.8%, with goods exports to the EU falling by 5.1% and those to non-EU countries decreasing by 4.2%. Considering the third quarter as a whole, the total trade in goods and services deficit, excluding precious metals, narrowed by GBP 1.3 billion to GBP 23.7 billion, but has remained relatively unchanged over the past three quarters.
2022-11-11
UK Trade Deficit Widens in August
The UK trade deficit widened to GBP 7.1 billion in August of 2022 from a downwardly revised GBP 5.4 billion in the previous month. Imports advanced by 4.3% over a month earlier to a record high of GBP 75.3 billion, as goods purchases surged by 5.7%, largely due to soaring gas prices. Imports of services went up by 0.1%. Meanwhile, exports rose by 2.2% to an all-time high of GBP 68.2 billion, as goods sales advanced by 3.9%, driven by exports of machinery & transport equipment, miscellaneous manufactures and fuels, mostly to non-EU countries. Exports of services increased by 0.2%.
2022-10-12
UK Posts Smallest Trade Gap in 7 Months
The UK trade deficit narrowed to GBP 7.8 billion in July of 2022 from GBP 11.4 billion in the previous month. It was the smallest trade shortfall since last December, as exports rose by 4.2% to GBP 61.05 billion, as goods sales advanced by 7.2% amid increases to both the EU (7.9%) and non-EU countries (6.4%). At the same time exports of services were up 0.6%. Meanwhile, imports fell by 1.6% to GBP 68.84 billion, as goods purchases declined by 2.3%, mostly from non-EU countries (-4.1%). Conversely, imports of services rose by 0.7%.
2022-09-12