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September 11, 2024UK TRADE BALANCE, JULY 2024 
Month-over-month (July 2024 vs June 2024, seasonally adjusted)
The United Kingdom (UK) goods and services trade deficit grew by £2.2 billion to £7.5 billion. Exports of goods and services decreased 4.7% (-£3.4 billion) to £69.6 billion while imports of goods and services were down 1.5% (-£1.2 billion) to £77.1 billion.
The UK goods trade deficit grew by £1.1 billion to £20.0 billion. Exports of goods from the UK decreased 10.8% (-£3.4 billion) to £28.6 billion. Imports of goods to the UK decreased 4.6% (-£2.3 billion) to £48.6 billion. The UK services trade surplus was declined by £1.1 billion to £12.5 billion. Exports of services from the UK increased 0.1% (+£0.05 billion) to £41.0 billion while imports of services to the UK increased 4.1% (+£1.1 billion) to £28.5 billion.
The UK goods trade deficit with the European Union (EU) grew by £1.1 billion to £12.5 billion. Exports of goods from the UK to the EU declined by 10.8% (-£1.7 billion) to £13.9 billion while imports of goods from the EU to the UK decreased by 2.3% (-£0.6 billion) to £26.4 billion. The UK trade deficit with countries outside the EU remained unchanged at £7.5 billion. Exports from the UK to countries outside the EU were down 10.8% (-£1.8 billion) to £14.7 billion while imports to the UK from non-EU countries declined 7.2% (-£1.7 billion) to £22.2 billion.
Year-over-year (July 2024 vs July 2023)
The UK goods and services trade deficit widened by £5.8 billion. The goods deficit widened by £5.5 billion while the services surplus declined by £0.4 billion. Goods exports were down 13.6% year-over-year (-£4.5 billion) while goods imports were up 2.0% (+£1.0 billion). Services exports were up 4.0% (+£1.6 billion) while services imports were up 7.4% (+£2.0 billion).
Compared with July 2023, the UK goods trade deficit with the EU grew by £1.3 billion (exports -10.3% or -£1.6 billion, imports -1.2% or -£0.3 billion). The UK goods trade deficit with non EU countries widened by £4.2 billion (exports -16.4% or -£2.9 billion, imports +6.1% or +£1.3 billion).
Source: UK Office for National Statistics: Press release | UK trade time series
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