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For additional information relating to this article, please contact:

Thomas Storring Director of Economics/Statistics
Tel: 902-424-2410Email: Thomas.Storring@novascotia.ca

January 11, 2019
UK TRADE BALANCE NOVEMBER 2018

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

 

Month-over-month

In November 2018,

  • the UK seasonally adjusted goods & services trade deficit narrowed by £0.1 billion to £2.9 billion.
  • Exports of goods and services increased 0.4% (£0.2 billion to £54.0 billion while,
  • Imports of goods and services increased 0.1% (£0.1 billion to £56.9 billion.

 

In November 2018,

  • Exports of goods decreased 0.3% (£0.086 billion) to £30.1 billion while
  • Imports of goods decreased 0.0% (£0.009 billion) to £42.1 billion.
  • The resulting goods deficit widened by 6% (£0.077 billion) to £12.0 billion.

In November 2018,

  • Exports of services increased 1.2% (£0.290 billion) to £23.8 billion while
  • Imports of services increased 0.5% (£0.080 billion) to £14.7 billion.
  • The resulting services surplus widened by 2.4% (£0.210 billion) to £9.1 billion.

 

Year-to-date Goods Export Trade by Sector

In Jan-Nov 2018,

  • Machinery & transport equip sector, accounting for 40% of goods exports, increased 2.1% (£2.7 billion) to £128.8 billion.
  • Chemicals sector, accounting for 16% of goods exports, decreased 1.5% (£0.8 billion) to £52.5 billion.
  • finished manufactures sector, accounting for 14% of goods exports, increased 1.2% (£0.5 billion) to £44.0 billion.
  • Fuels sector, accounting for 11% of goods exports, increased 23.4% (£6.5 billion) to £34.2 billion.
  • Material manufactures sector, accounting for 9% of goods exports, increased 5.5% (£1.6 billion) to £30.1 billion.
  • Food sector, accounting for 4% of goods exports, increased 2.0% (£0.3 billion) to £14.0 billion.
  • Beverages & tobacco sector, accounting for 2% of goods exports, increased 4.1% (£0.3 billion) to £7.5 billion.
  • Crude Materials sector, accounting for 2% of goods exports, increased 3.3% (£0.2 billion) to £7.0 billion.
  • Unspecified goods sector, accounting for 1% of goods exports, decreased 21.0% (£0.7 billion) to £2.7 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.2% of goods exports, increased 7.9% (£0.038 billion) to £0.5 billion.

 

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

 

  

In November 2018,

  • goods exports with non-European Union countries increased 0.4% (£0.060 billion) to £15.7 billion, while
  • goods imports from non-EU28 countries decreased 1.7% (£0.333 billion) to £19.6 billion.
  • The resulting goods deficit narrowed by 9.1% (£0.393 billion) to £3.9 billion.

In November 2018,

  • goods exports to the European Union (EU28) decreased 1.0% (£0.146 billion) to £14.4 billion, while
  • goods imports from the European Union increased 1.5% (£0.324 billion) to £22.5 billion.
  • The resulting goods deficit widened by 6.2% (£0.470 billion) to £8.1 billion.

 

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



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