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For additional information relating to this article, please contact:

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

December 11, 2018
UK TRADE BALANCE OCTOBER 2018

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

 

Month-over-month

In October 2018,

  • the UK seasonally adjusted goods & services trade deficit widened by £1.0 billion to £3.3 billion.
  • Exports of goods and services increased 1.0% (£0.5 billion to £53.4 billion, while,
  • Imports of goods and services increased 2.8% (£1.5 billion to £56.7 billion.

 

In October 2018,

  • Exports of goods increased 0.8% (£0.248 billion) to £30.2 billion while
  • Imports of goods increased 3.5% (£1.440 billion) to £42.1 billion.
  • The resulting goods deficit widened by 11.2% (£1.192 billion) to £11.9 billion.

In October 2018,

  • Exports of services increased 1.3% (£0.301 billion) to £23.2 billion while
  • Imports of services increased 0.5% (£0.078 billion) to £14.6 billion.
  • The resulting services surplus widened by 2.7% (£0.223 billion) to £8.6 billion.

 

Year-to-date Goods Trade by Sector

In Jan-Oct 2018,

  • Machinery & transport equip sector, accounting for 40% of goods exports, increased 2.1% (£2.4 billion) to £117.0 billion.
  • Chemicals sector, accounting for 16% of goods exports, decreased 1.6% (£0.8 billion) to £47.8 billion.
  • Misc finished manufactures sector, accounting for 14% of goods exports, increased 1.5% (£0.6 billion) to £40.0 billion.
  • Fuels sector, accounting for 11% of goods exports, increased 22.8% (£5.7 billion) to £30.7 billion.
  • Material manufactures sector, accounting for 9% of goods exports, increased 5.9% (£1.5 billion) to £27.3 billion.
  • Food sector, accounting for 4% of goods exports, increased 1.8% (£0.2 billion) to £12.7 billion.
  • Beverages & tobacco sector, accounting for 2% of goods exports, increased 3.8% (£0.2 billion) to £6.7 billion.
  • Crude Materials sector, accounting for 2% of goods exports, increased 2.9% (£0.2 billion) to £6.4 billion.
  • Unspecified goods sector, accounting for 1% of goods exports, decreased 35.5% (£1.1 billion) to £2.1 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.2% of goods exports, increased 7.4% (£0.032 billion) to £0.5 billion.

 

Trade with EU(28) and nonEU(28) countries

  

In October 2018,

  • goods exports with non-European Union countries decreased 1.1% (£0.181 billion) to £15.6 billion, while
  • goods imports from non-EU28 countries increased 6.0% (£1.124 billion) to £19.9 billion.
  • The resulting goods deficit widened by 44.3% (£1.305 billion) to £4.3 billion.

In October 2018,

  • goods exports to the European Union (EU28) increased 3.0% (£0.429 billion) to £14.6 billion, while
  • goods imports from the European Union increased 1.4% (£0.316 billion) to £22.2 billion.
  • The resulting goods deficit narrowed by 1.5% (£0.113 billion) to £7.6 billion.

 

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



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