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For additional information relating to this article, please contact:

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

February 11, 2019
UK TRADE BALANCE DECEMBER 2018

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

 

Month-over-month

In December 2018,

• the UK seasonally adjusted goods & services trade deficit narrowed by £0.4 billion to £3.2 billion.
• Exports of goods and services decreased 1.0% (£0.5 billion) to £52.6 billion while,
• Imports of goods and services decreased 1.6% (£0.9 billion) to £55.9 billion.

 

In December 2018,

• Exports of goods decreased 2.3% (£0.688 billion) to £29.1 billion while
• Imports of goods decreased 2.3% (£0.986 billion) to £41.2 billion.
• The resulting goods deficit narrowed by 2.4% (£0.298 billion) to £12.1 billion.

In December 2018,

• Exports of services increased 0.7% (£0.155 billion) to £23.5 billion while
• Imports of services increased 0.5% (£0.067 billion) to £14.7 billion.
• The resulting services surplus widened by 1.0% (£0.088 billion) to £8.9 billion.

 

Year-to-date Goods Export Trade by Sector

 In Jan-Dec 2018,

• Machinery & transport equip sector, accounting for 40% of goods exports, increased 1.8% (£2.5 billion) to £140.0 billion.
• Chemicals sector, accounting for 16% of goods exports, decreased 2.0% (£1.2 billion) to £57.2 billion.
• Misc. finished manufactures sector, accounting for 14% of goods exports, increased 1.9% (£0.9 billion) to £48.1 billion.
• Fuels sector, accounting for 10% of goods exports, increased 21.0% (£6.3 billion) to £36.4 billion.
• Material manufactures sector, accounting for 9% of goods exports, increased 5.1% (£1.6 billion) to £32.9 billion.
• Food sector, accounting for 4% of goods exports, increased 1.8% (£0.3 billion) to £15.3 billion.
• Beverages & tobacco sector, accounting for 2% of goods exports, increased 4.9% (£0.4 billion) to £8.2 billion.
• Crude Materials sector, accounting for 2% of goods exports, increased 3.4% (£0.3 billion) to £7.7 billion.
• Unspecified goods sector, accounting for 1% of goods exports, increased 3.7% (£0.1 billion) to £3.7 billion.
• Animal/vegetable/oils & fats sector, accounting for 0.2% of goods exports, increased 6.8% (£0.036 billion) to £0.6 billion.

 

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

   

In December 2018,

• goods exports with non-European Union countries decreased 4.8% (£0.739 billion) to £14.7 billion, while
• goods imports from non-EU28 countries decreased 6.5% (£1.281 billion) to £18.4 billion.
• The resulting goods deficit narrowed by 13.0% (£0.542 billion) to £3.6 billion.

 In December 2018,

• goods exports to the European Union (EU28) increased 0.4% (£0.051 billion) to £14.4 billion, while
• goods imports from the European Union increased 1.3% (£0.295 billion) to £22.8 billion.
• The resulting goods deficit widened by 3.0% (£0.244 billion) to £8.5 billion.

 

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

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