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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

August 09, 2019
UK TRADE BALANCE, JUNE 2019

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

Month-over-month

In June 2019, the UK seasonally adjusted goods & services trade surplus switched from deficit to surplus (first surplus since February 2011) by £3.8 billion to £1.8 billion. Exports of goods and services increased 4.5% (£2.4 billion) to £55.4 billion while, Imports of goods and services decreased 2.6% (£1.4 billion) to £53.6 billion.

In June 2019, Exports of goods increased 7.6% (£2.2 billion) to £31.7 billion while Imports of goods decreased 3.6% (£1.5 billion) to £38.7 billion. The resulting goods deficit narrowed by 34.5% (£3.7 billion) to £7.0 billion.

In June 2019, Exports of services increased 0.6% (£0.144 billion) to £23.7 billion while Imports of services increased 0.33% (£0.049 billion) to £14.9 billion. The resulting services surplus widened by 1.1% (£0.095 billion) to £8.8 billion.

UK International Trade EU and Non-EU

In June 2019, Exports of goods with non-European countries increased 17.8% (£2.695 billion) to £17.8 billion while Imports of goods from non-EU28 countries decreased 6.2% (£1.188 billion) to £18.0 billion. The resulting goods deficit narrowed by   95.4% (£3.883 billion) to £0.2 billion.

In June 2019, Exports of goods with European countries decreased 3.3% (£0.469 billion) to £13.9 billion while Imports of goods from EU28 countries decreased 1.3% (£0.272 billion) to £20.7 billion. The resulting goods deficit widened by  3.0% (£0.197 billion) to £6.8 billion.

 

Year-to-date Goods Export Trade by Sector

In Jan-Jun 2019,

  • Machinery & transport equip sector, accounting for 39% of goods exports, increased 1.8% (£1.3 billion) to £70.5 billion.
  • Chemicals sector, accounting for 16% of goods exports, decreased 3.0% (£0.9 billion) to £28.2 billion.
  • Miscellaneous finished manufactures sector, accounting for 15% of goods exports, increased 12.5% (£3.0 billion) to £26.9 billion.
  • Fuels sector, accounting for 10% of goods exports, increased 10.1% (£1.7 billion) to £18.7 billion.
  • Material manufactures sector, accounting for 9% of goods exports, increased 2.3% (£0.4 billion) to £16.7 billion.
  • Food sector, accounting for 4% of goods exports, increased 6.0% (£0.5 billion) to £8.0 billion.
  • Beverages & tobacco sector, accounting for 2% of goods exports, increased 9.6% (£0.4 billion) to £4.4 billion.
  • Crude Materials sector, accounting for 2% of goods exports, increased 3.1% (£0.1 billion) to £3.9 billion.
  • Unspecified goods sector, accounting for 1.7% of goods exports, increased 145.5% (£1.8 billion) to £3.0 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.1% of goods exports, decreased 2.3% (£0.006 billion) to £0.3 billion.

 

Year-to-date Goods Import Trade by Sector

In Jan-Jun 2019,

  • Machinery & transport equip sector, accounting for 36% of goods imports, increased 4.2% (£3.7 billion) to £91.6 billion.
  • Miscellaneous finished manufactures sector, accounting for 15% of goods imports, increased 7.8% (£2.8 billion) to £39.1 billion.
  • Chemicals sector, accounting for 11% of goods imports, increased 2.4% (£0.7 billion) to £29.6 billion.
  • Material manufactures sector, accounting for 11% of goods imports, increased 6.6% (£1.8 billion) to £28.5 billion.
  • Fuels sector, accounting for 10% of goods imports, decreased 4.9% (£1.3 billion) to £25.1 billion.
  • Food sector, accounting for 8% of goods imports, increased 4.4% (£0.9 billion) to £20.3 billion.
  • Unspecified goods sector, accounting for 5% of goods imports, increased 322.7% (£10.2 billion) to £13.3 billion.
  • Crude Materials sector, accounting for 2% of goods imports, increased 6.0% (£0.3 billion) to £5.4 billion.
  • Beverages & tobacco sector, accounting for 2% of goods imports, increased 8.4% (£0.3 billion) to £4.4 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.3% of goods imports, decreased 0.6% (£0.004 billion) to £0.7 billion.

 

Year-to-date Goods Net Trade by Sector

In Jan-Jun 2019,

  • Machinery & transport equip sector, accounting for 27% of net goods trade, increased 12.8% (£2.4 billion) to -£21.1 billion.
  • Food sector, accounting for 16% of net goods trade, increased 3.4% (£0.4 billion) to -£12.3 billion.
  • Miscellaneous finished manufactures sector, accounting for 16% of net goods trade, decreased 1.1% (£0.1 billion) to -£12.2 billion.
  • Material manufactures sector, accounting for 15% of net goods trade, increased 13.4% (£1.4 billion) to -£11.8 billion.
  • Unspecified goods sector, accounting for 13% of net goods trade, increased 435.3% (£8.4 billion) to -£10.3 billion.
  • Fuels sector, accounting for 8% of net goods trade, decreased 32.1% (£3.0 billion) to -£6.4 billion.
  • Crude Materials sector, accounting for 2% of net goods trade, increased 14.1% (£0.2 billion) to -£1.5 billion.
  • Chemicals sector, accounting for 2% of net goods trade, decreased 843.8% (£1.6 billion) to -£1.4 billion (surplus to deficit).
  • Animal/vegetable/oils & fats sector, accounting for 1% of net goods trade, increased 0.4% (£0.002 billion) to -£0.4 billion.
  • Beverages & tobacco sector, accounting for 0% of net goods trade, decreased 107.3% (£0.04 billion) to £0.003 billion (deficit to surplus).

 

 

 

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

 



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