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

September 11, 2020
UK TRADE BALANCE, JULY 2020

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

MONTH-OVER-MONTH

In July 2020, the UK seasonally adjusted

  • exports of goods and services increased 1.2% (£0.6 billion) to £50.2 billion over June 2020 and decreased 16.2% (£9.7 billion) over July 2019.
  • goods and services imports increased 7.5% (£3.4 billion) to £49.1 billion over June 2020 and decreased 16.4% (£9.6 billion) over July 2019.
  • The resulting goods and services balance of trade surplus narrowed by £2.8 billion to £1.1 billion over June 2020 and narrowed by £0.1 billion over July 2019.

In July 2020, the UK seasonally adjusted

  • exports of goods decreased 0.9% (£0.2 billion) to £25.2 billion over June 2020 and decreased 22.4% (£7.3 billion) over July 2019.
  • goods imports increased 5.8% (£1.9 billion) to £33.8 billion over June 2020 and decreased 16.9% (£6.9 billion) over July 2019.
  • The resulting goods balance of trade deficit widened by £2.1 billion to £8.6 billion over June 2020 and widened by £0.4 billion over July 2019.

 

In July 2020, the UK seasonally adjusted

  • exports of services increased 3.5% (£0.8 billion) to £25.1 billion over June 2020 and decreased 8.9% (£2.4 billion) over July 2019.
  • services imports increased 11.5% (£1.6 billion) to £15.3 billion over June 2020 and decreased 15.2% (£2.8 billion) over July 2019.
  • The resulting services balance of trade surplus narrowed by £0.7 billion to £9.7 billion over June 2020 and widened by £0.3 billion over July 2019.

 

UK International Trade EU and Non-EU

In July 2020,

  • goods exports with European Union countries increased 1.1% (£0.1 billion) to £11.9 billion over June 2020 and decreased 18.1% (£2.6 billion) over July 2019.
  • goods imports from EU27 countries increased 5.8% (£1.0 billion) to £18.1 billion over June 2020 and decreased 16.8% (£3.7 billion) over July 2019.
  • The resulting goods balance of trade widened by £0.9 billion to £6.3 billion over June 2020 and narrowed by £1.0 billion over July 2019.

In July 2020,

  • goods exports to the non-European Union countries decreased 2.6% (£0.4 billion) to £13.3 billion over June 2020 and decreased 26.0% (£4.7 billion) over July 2019.
  • goods imports from the non-European Union increased 5.8% (£0.9 billion) to £15.7 billion over June 2020 and decreased 17.0% (£3.2 billion) over July 2019.
  • The resulting goods balance of trade widened by £1.2 billion to £2.4 billion over June 2020 and widened by £1.5 billion over July 2019.

 

YEAR-OVER-YEAR -  Goods Trade by Sector

 

  

In July 2019 vs July 2020

  • Total trade deficit widened by £408.0 million to £8.6 billion
  • Food deficit widened by £108.0 million to £2.0 million
  • Beverages & tobacco changed from a surplus (£7.0 million) to a deficit (£118.0 million)
  • Crude Materials deficit widened by £11.0 million to £0.349 billion
  • Fuels changed from a deficit (£871.0 million) to a surplus (£43.0 million)
  • Animal/vegetable/oils & fats deficit widened by £12.0 million to £0.092 billion
  • Chemicals changed from a surplus (£430.0 million) to a deficit (£15.0 million)
  • Material manufactures deficit narrowed by £208.0 million to £1.4 billion
  • Machinery & transport equip deficit narrowed by £721.0 million to £2.9 billion
  • Miscellaneous finished manufactures deficit widened by £119.0 million to £1.6 billion
  • Unspecified goods changed from a surplus (£1,259.0 million) to a deficit (£172.0 million)

  

 

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

 



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