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.