United Kingdom Balance of Trade

Last Release

Sep 30, 2024

Actual

-3,462

Units In

GBP Million

-955

Frequency

Monthly

Next Release

Dec 12, 2024

Time to Release

25 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
8,131 Dec 2019	-16,159 Jan 2022	-1,501.58 GBP Million	1955-2024	Office for National Statistics

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 (35 percent of total trade in 2017). In 2017, the biggest goods deficits were recorded with Germany, China, the Netherlands, Norway, Belgium & Luxembourg and Italy; and the largest surpluses were recorded with the United States, Ireland and South Korea.

Latest Updates

The UK's trade deficit widened to £3.46 billion in September 2024, up from an upwardly revised £2.02 billion in August. Imports fell 3.7% from a month earlier to a six-month low of £71.67 billion, while exports dropped by 5.8% to a 28-month low of £68.20 billion. Goods imports shrank by 6.3%, primarily due to a £0.8 billion decline in imports of machinery and transport equipment from the EU. Meanwhile, imports from non-EU countries fell by 9.3%, while services imports grew by 0.8%. Goods exports plunged by 12.6%, weighed by a £0.9 billion decline in machinery and transport equipment shipments, a £0.3 billion fall in fuel exports, and a £0.2 drop in chemical exports to the EU, including aircraft to Germany and gas to Belgium. Additionally, exports to non-EU countries shrank by £1.8 billion, largely due to a £1.3 billion decrease in machinery and transport equipment. Meanwhile, services exports edged down by 0.3%.