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

August 12, 2020
UK TRADE BALANCE, JUNE 2020

UK exports and imports play an important role in overall economic growth.

MONTH-OVER-MONTH

In June 2020, the UK seasonally adjusted

  • exports of goods and services increased 13.1% (£5.9 billion) to £51.3 billion over May 2020 and decreased 10.3% (£5.9 billion) over June 2019
  • goods and services imports increased 21.9% (£8.3 billion) to £46.0 billion over May 2020 and decreased 19.4% (£11.1 billion) over June 2019
  • The resulting goods and services balance of trade surplus narrowed by £2.3 billion to £5.3 billion over May 2020 and widened by £5.2 billion over June 2019

In June 2020, the UK seasonally adjusted

  • exports of services increased 21.0% (£4.2 billion) to £24.2 billion over May 2020 and decreased 10.9% (£3.0 billion) over June 2019
  • services imports increased 30.0% (£3.2 billion) to £13.8 billion over May 2020 and decreased 23.5% (£4.2 billion) over June 2019
  • The resulting services balance of trade surplus widened by £1.0 billion to £10.5 billion over May 2020 and widened by £1.3 billion over June 2019

In June 2020, the UK seasonally adjusted

  • exports of goods increased 6.9% (£1.7 billion) to £27.1 billion over May 2020 and decreased 9.7% (£2.9 billion) over June 2019
  • goods imports increased 18.8% (£5.1 billion) to £32.2 billion over May 2020 and decreased 17.5% (£6.8 billion) over June 2019
  • The resulting goods balance of trade deficit widened by £3.4 billion to £5.1 billion over May 2020 and narrowed by £3.9 billion over June 2019

 

UK International Trade EU and Non-EU

In June 2020,

  • goods exports with European Union countries increased 13.0% (£1.4 billion) to £12.0 billion over May 2020 and  decreased  6% (£1.7 billion) over June 2019
  • goods imports from EU27 countries increased 19.8% (£2.9 billion) to £17.4 billion   over May 2020 and  decreased  18.6% (£4.0 billion) over June 2019
  • The resulting goods balance of trade widened by   £1.5 billion to £5.4 billion  over May 2020 and  narrowed by  £2.2 billion over June 2019

 

In June 2020,

  • goods exports to the non-European Union countries increased 2.5% (£0.4 billion) to £15.1 billion over May 2020 and  decreased  3% (£1.2 billion) over June 2019
  • goods imports from the non-European Union increased 17.7% (£2.2 billion) to £14.8 billion over May 2020 and  decreased  2% (£2.9 billion) over June 2019
  • The resulting goods balance of trade narrowed by  £1.9 billion to £0.3 billion  over May 2020 and  changed  from a deficit ($1.4 billion s) to a surplus (£0.3 billion)  over June 2019

 

YEAR-OVER-YEAR -  Goods Trade by Sector

 

In June 2020 vs June 2019,

  • the Total trade deficit narrowed by £3.9 billion to £5.1 billion 
  • Food deficit widened by £219.0 million to £2.1 billion
  • Beverages & tobacco deficit changed from a surplus (£36.0 million) to a deficit (£239.0 million)
  • Crude Materials deficit widened by £117.0 million to £0.376 billion
  • Fuels deficit narrowed by £1,104.0 million to £0.005 billion
  • Animal/vegetable/oils & fats deficit narrowed by £7.0 million to £0.066 billion
  • Chemicals surplus widened by £77.0 million to £0.176 billion
  • Material manufactures deficit narrowed by £901.0 million to £1.2 billion
  • Machinery & transport equip deficit narrowed by £128.0 million to £2.7 billion
  • Miscellaneous finished manufactures deficit narrowed by £709.0 million to £1.5 billion
  • Unspecified goods surplus widened by £1.6 billion to £2.9 billion

 

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

 



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