United Kingdom Balance of Trade

Last Release

Nov 30, 2024

Actual

-4,757

Units In

GBP Million

-3,720

Frequency

Monthly

Next Release

Feb 13, 2025

Time to Release

26 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
8,131 Dec 2019	-16,159 Jan 2022	-1,511.66 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 declined to £4.76 billion in November 2024, down from an upwardly revised £5.01 billion in October. Imports grew 0.6% mom to a five-month high of £72.79 billion, while exports rose by 1.0% to a four-month high of £68.03 billion. Goods imports grew by 0.5%, with imports from non-EU countries remaining stable. Meanwhile, imports from the EU fell by 1.2%, primarily due to a £0.4 billion drop in fuel imports, including refined oil imports from the Netherlands and Belgium. By contrast, services imports rose by 0.7%. Goods exports increased by 0.8%, with exports to non-EU countries growing by 3.0%, boosted by a £0.4 billion rise in machinery and transport equipment, including exports of cars to the US and aircraft to Qatar. Exports to EU countries fell by £0.2 billion, largely due to a £0.2 billion decline in chemical exports. These decreases were partially offset by a £0.2 billion rise in machinery and transport equipment. Additionally, services exports rose by 1.1%.