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

July 10, 2019
UK TRADE BALANCE, MAY 2019

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

Month-over-month

In May 2019, the UK seasonally adjusted goods & services trade deficit narrowed by £1.4 billion to £2.3 billion. Exports of goods and services increased 2.4% (£1.3 billion) to £54.4 billion, while imports of goods and services decreased 0.2% (£0.1 billion) to £56.7 billion.

In May 2019, Exports of goods increased 3.5% (£0.987 billion) to £29.4 billion, while imports of goods decreased 0.6% (£0.250 billion) to £41.0 billion. The resulting goods deficit narrowed by 9.7% (£1.237 billion) to £11.5 billion.

In May 2019, Exports of services increased 1.1% (£0.272 billion) to £24.9 billion, while imports of services increased 0.7% (£0.117 billion) to £15.7 billion. The resulting services surplus widened by 1.7% (£0.155 billion) to £9.2 billion.

UK International Trade EU and Non-EU

In May 2019, goods exports with non-European Union countries decreased 0.5% (£0.070 billion) to £15.2 billion, while goods imports from non-EU28 countries decreased 2.0% (£0.420 billion) to £20.1 billion. The resulting goods deficit narrowed by 6.7% (£0.350 billion) to £4.9 billion.

In May 2019, goods exports to the European Union (EU28) increased 8.0% (£1.057 billion) to £14.2 billion, while goods imports from the European Union increased 0.8% (£0.170 billion) to £20.8 billion. The resulting goods deficit narrowed by 11.8% (£0.887 billion) to £6.6 billion.

Year-to-date Goods Export Trade by Sector

In Jan-May 2019,

• Machinery & transport equip sector, accounting for 40% of goods exports, increased 2.6% (£1.5 billion) to £58.9 billion.
• Chemicals sector, accounting for 16% of goods exports, decreased 1.9% (£0.4 billion) to £23.6 billion.
• Miscellaneous finished manufactures sector, accounting for 15% of goods exports, increased 12.9% (£2.6 billion) to £22.4 billion.
• Fuels sector, accounting for 11% of goods exports, increased 13.3% (£1.9 billion) to £15.9 billion.
• Material manufactures sector, accounting for 9% of goods exports, increased 1.2% (£0.2 billion) to £13.8 billion.
• Food sector, accounting for 5% of goods exports, increased 7.0% (£0.4 billion) to £6.8 billion.
• Beverages & tobacco sector, accounting for 2% of goods exports, increased 9.4% (£0.3 billion) to £3.6 billion.
• Crude Materials sector, accounting for 2% of goods exports, increased 5.4% (£0.2 billion) to £3.3 billion.
• Unspecified goods sector, accounting for 0.4% of goods exports, decreased 12.1% (£0.1 billion) to £0.5 billion.
• Animal/vegetable/oils & fats sector, accounting for 0.1% of goods exports, increased 1.8% (£0.004 billion) to £0.2 billion.

 

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

 

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