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

October 09, 2020
UK TRADE BALANCE, AUGUST 2020

 

UK TRADE BALANCE

Month-over-month (Aug 2020 vs Jul 2020, seasonally adjusted )

The United Kingdom Goods and services balance of trade surplus narrowed by £0.3 billion to £1.4 billion.

  • exports of goods and services increased 1.5% (£0.8 billion) to £51.8 billion
  • imports of goods and services increased 2.2% (£1.1 billion) to £50.5 billion

 

The United Kingdom Goods balance of trade deficit widened by £1.1 billion to £9.0 billion.

  • exports of goods increased 0.4% (£0.1 billion) to £26.2 billion
  • imports of goods increased 3.7% (£1.3 billion) to £35.3 billion

 

The United Kingdom Services balance of trade surplus widened by £0.8 billion to £10.4 billion.

  • exports of services increased 2.7% (£0.7 billion) to £25.6 billion
  • imports of services decreased 1.0% (£0.1 billion) to £15.2 billion

 

Year-over-year (Aug 2020 vs Aug 2019, seasonally adjusted )

The United Kingdom Goods and services balance of trade surplus changed from a deficit (£1.2 billion) to a surplus (£1.4 billion).

  • Goods balance of trade deficit narrowed by £1.5 billion and
  • Services balance of trade surplus widened by £1.1 billion

 

 

 

 

TRADING PARTNERS

Month-over-month (Aug 2020 vs Jul 2020, seasonally adjusted )

The United Kingdom EU-UK Goods balance of trade deficit widened by £0.2 billion to £6.7 billion

  • exports of goods decreased 1.6% (£0.2 billion) to £11.4 billion
  • imports of goods increased 0.0% (£0.0 billion) to £18.1 billion

 

The United Kingdom non-EU-UK Goods balance of trade deficit widened by £0.9 billion to £2.3 billion

  • exports of goods increased 2.0% (£0.3 billion) to £14.8 billion
  • imports of goods increased 7.8% (£1.2 billion) to £17.1 billion

 

Year-over-year (Aug 2020 vs Aug 2019, seasonally adjusted )

  • The United Kingdom EU-UK Goods balance of trade deficit narrowed by £1.3 billion and
  • non-EU-UK Goods balance of trade deficit narrowed by £0.2 billion 

 

 

GOODS TRADE BY SECTOR

Year-to-date (Jan-Aug 2020 )

NET TRADE

The Total trade deficit narrowed by £1,513.0 million to £9.0 billion

  • Food deficit narrowed by £223.0 million to £1.8 million
  • Beverages & tobacco changed from a surplus (£22.0 million) to a deficit (£50.0 million)
  • Crude Materials deficit widened by £110.0 million to £0.439 billion
  • Fuels deficit narrowed by £692.0 million to £0.068 billion
  • Animal/vegetable/oils & fats deficit widened by £15.0 million to £0.067 billion
  • Chemicals surplus widened by £330.0 million to £0.393 billion
  • Material manufactures deficit narrowed by £374.0 million to £1.2 billion
  • Machinery & transport equip deficit narrowed by £1,754.0 million to £1.9 billion
  • Miscellaneous finished manufactures deficit widened by £59.0 million to £1.7 billion
  • Unspecified goods deficit widened by £1,604.0 million to £2.2 billion

 

EXPORTS

Total Goods Exports decreased £34,344 millions to £208.5 billions.

  • Machinery & transportation equipment decreased £20,408 millions to £74.5 billions.
  • Chemicals decreased £895 millions to £36.5 billions.
  • Miscellaneous finished manufactures decreased £7,653 millions to £28.9 billions.
  • Material manufactures increased £630 millions to £22.5 billions.
  • Fuels decreased £10,095 millions to £15.0 billions.
  • Unspecified goods increased £8,609 millions to £12.0 billions.
  • Food decreased £539 millions to £10.1 billions.
  • Beverages & tobacco decreased £1,174 millions to £4.5 billions.
  • Crude Materials decreased £817 millions to £4.1 billions.
  • Animal/vegetable/oils & fats increased £17 millions to £.4 billions. 

 IMPORTS

Total Goods Imports decreased £76,951 millions to £267.6 billions.

  • Machinery & transportation equipment decreased £31,298 millions to £93.3 billions.
  • Miscellaneous finished manufactures decreased £11,249 millions to £41.6 billions.
  • Chemicals decreased £5,237 millions to £34.4 billions.
  • Material manufactures decreased £5,836 millions to £32.3 billions.
  • Food decreased £1,120 millions to £26.2 billions.
  • Fuels decreased £13,374 millions to £19.6 billions.
  • Crude Materials decreased £187 millions to £7.1 billions.
  • Unspecified goods decreased £8,355 millions to £6.6 billions.
  • Beverages & tobacco decreased £314 millions to £5.5 billions.
  • Animal/vegetable/oils & fats increased £19 millions to £0.9 billions.

  

 

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

 



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