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Thomas Storring	Director – Economics and Statistics
Tel: 902-424-2410	Email: thomas.storring@novascotia.ca

September 09, 2019
UK TRADE BALANCE, JULY 2019

UK import and export trade is a main contributor to the overall economic growth of the UK.

Month-over-month

In July 2019, the UK seasonally adjusted goods & services trade deficit widened by £0.1 billion to £0.2 billion.  Exports of goods and services increased 2.5% (£1.4 billion) to £55.1 billion while, imports of goods and services increased 2.7% (£1.5 billion) to £55.3 billion.

In July 2019, Exports of goods increased 3.5% (£1.052 billion) to £31.0 billion while imports of goods increased 3.3% (£1.276 billion) to £40.2 billion.  The resulting goods deficit widened by 2.5% (£0.224 billion) to £9.1 billion.

In July 2019, Exports of services increased 1.3% (£0.316 billion) to £24.0 billion while imports of services increased 1.20% (£0.179 billion) to £15.1 billion.  The resulting services surplus widened by 1.6% (£0.137 billion) to £8.9 billion.

UK International Trade EU and Non-EU

In July 2019, goods exports with non-European Union countries increased 5.2% (£0.848 billion) to £17.1 billion, while goods imports from non-EU28 countries increased 5.6% (£1.009 billion) to £19.0 billion.  The resulting goods deficit widened by 9.1% (£0.161 billion) to £1.9 billion.

In July 2019, goods exports to the European Union (EU28) increased 1.5% (£0.204 billion) to £14.0 billion, while goods imports from the European Union increased 1.3% (£0.267 billion) to £21.2 billion.  The resulting goods deficit widened by 0.9% (£0.063 billion) to £7.2 billion.

 

Year-to-date Goods Export Trade by Sector

In Jan-Jul 2019, Machinery & transport equip sector, accounting for 39% of goods exports, increased 1.3% (£1.1 billion) to £82.0 billion.

• Chemicals sector, accounting for 16% of goods exports, decreased 2.5% (£0.8 billion) to £33.0 billion.
• Misc finished manufactures sector, accounting for 15% of goods exports, increased 13.7% (£3.8 billion) to £31.6 billion.
• Fuels sector, accounting for 10% of goods exports, increased 3.7% (£0.8 billion) to £21.3 billion.
• Material manufactures sector, accounting for 9% of goods exports, increased 2.1% (£0.4 billion) to £19.4 billion.
• Food sector, accounting for 4% of goods exports, increased 5.8% (£0.5 billion) to £9.4 billion.
• Beverages & tobacco sector, accounting for 2% of goods exports, increased 7.6% (£0.4 billion) to £5.0 billion.
• Crude Materials sector, accounting for 2% of goods exports, increased 0.2% (£0.0 billion) to £4.4 billion.
• Unspecified goods sector, accounting for 1.4% of goods exports, increased 72.9% (£1.2 billion) to £2.8 billion.
• Animal/vegetable/oils & fats sector, accounting for 0.2% of goods exports, decreased 1.6% (£0.005 billion) to £0.3 billion.
   

Year-to-date Goods Import Trade by Sector

In Jan-Jul 2019,

• Machinery & transport equip sector, accounting for 36% of goods imports, increased 3.5% (£3.6 billion) to £106.7 billion.
• Chemicals sector, accounting for 15% of goods imports, increased 7.2% (£3.1 billion) to £45.6 billion.
• Misc finished manufactures sector, accounting for 12% of goods imports, increased 2.5% (£0.9 billion) to £34.5 billion.
• Fuels sector, accounting for 11% of goods imports, increased 5.5% (£1.7 billion) to £33.1 billion.
• Material manufactures sector, accounting for 10% of goods imports, decreased 5.6% (£1.7 billion) to £29.6 billion.
• Food sector, accounting for 8% of goods imports, increased 3.3% (£0.8 billion) to £23.6 billion.
• Beverages & tobacco sector, accounting for 4% of goods imports, increased 304.0% (£10.0 billion) to £13.4 billion.
• Crude Materials sector, accounting for 2% of goods imports, increased 5.3% (£0.3 billion) to £6.3 billion.
• Unspecified goods sector, accounting for 2% of goods imports, increased 6.5% (£0.3 billion) to £5.0 billion.
• Animal/vegetable/oils & fats sector, accounting for 0.3% of goods imports, increased 0.8% (£0.01 billion) to £0.9 billion.

Year-to-date Goods Net Trade by Sector

In Jan-Jul 2019,

• Machinery & transport equip sector, accounting for 28% of net goods trade, increased 11.5% (£2.6 billion) to -£24.7 billion.
• Food sector, accounting for 16% of net goods trade, increased 1.8% (£0.3 billion) to -£14.2 billion.
• Misc finished manufactures sector, accounting for 16% of net goods trade, decreased 5.0% (£0.7 billion) to -£14.0 billion.
• Material manufactures sector, accounting for 15% of net goods trade, increased 10.9% (£1.3 billion) to -£13.6 billion.
• Unspecified goods sector, accounting for 12% of net goods trade, increased 532.4% (£8.8 billion) to -£10.5 billion.
• Fuels sector, accounting for 9% of net goods trade, decreased 23.1% (£2.5 billion) to -£8.3 billion.
• Crude Materials sector, accounting for 2% of net goods trade, increased 19.6% (£0.3 billion) to -£1.9 billion.
• Chemicals sector, accounting for 2% of net goods trade, decreased 836.3% (£1.7 billion) to -£1.5 billion.
• Animal/vegetable/oils & fats sector, accounting for 1% of net goods trade, increased 2.3% (£0.012 billion) to -£0.5 billion.
• Beverages & tobacco sector, accounting for 0% of net goods trade, decreased 94.3% (£0.05 billion) to £0.00 billion 

 

 

Source: UK Office for National Statistics, Statistical Bulletin |  Time Series | Time Series Explorer

 

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