United Kingdom Balance of Trade

Last Release

Oct 31, 2024

Actual

-3,720

Units In

GBP Million

-3,462

Frequency

Monthly

Next Release

Jan 16, 2025

Time to Release

1 Months 1 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
8,131 Dec 2019	-16,159 Jan 2022	-1,505.67 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 increased to £3.72 billion in October 2024, up from £3.46 billion in September. Imports rose 1.3% from a month earlier to £72.60 billion, while exports grew by 1.0% to £68.88 billion. Goods imports rose by 5.8%, primarily due to a £0.5 billion increase in imports of machinery and transport equipment from the EU, boosted by increased imports of aircraft from Germany and cars from Spain. Meanwhile, imports from non-EU countries rose by 6.9%. By contrast, services imports shrank by 6.3%. Goods exports edged down by 0.1%, weighed by a £0.4 billion decline in both material manufacturing and fuel to non-EU, including crude oil to the US and a £0.2 drop in machinery and transport equipment, including aircraft to Switzerland. Meanwhile, exports to EU countries increased by £0.6 billion, largely due to a £0.1 billion rise in miscellaneous manufactures, chemicals, fuels and machinery and transport equipment. Additionally, services exports grew by 1.8%.