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

October 10, 2019
UK TRADE BALANCE, AUGUST 2019

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

Month-over-month

In August 2019, the UK seasonally adjusted goods & services trade deficit narrowed by £0.1 billion to £1.5 billion over Jul 2019. Goods & services Exports increased 0.9% (£0.5 billion) to £55.5 billion. Goods & services Imports increased 0.6% (£0.4 billion) to £57.0 billion.

In August 2019, the UK seasonally adjusted Goods Exports decreased 0.5% (£0.2 billion) to £30.3 billion. Goods Imports increased 0.1% (£0.03 billion) to £40.1 billion. The resulting Goods BOT deficit widened by £0.2 billion to £9.8 billion over Jul 2019.

In August 2019, the UK seasonally adjusted Services Exports increased 2.6% (£0.6 billion) to £25.2 billion. Services Imports increased 2.0% (£0.3 billion) to £16.9 billion. The resulting Services BOT surplus widened by £0.3 billion to £8.3 billion over Jul 2019.

 

 

UK International Trade EU and Non-EU

In August 2019, United Kingdom goods exports to the European Union (EU28) decreased 2.1% (£0.294 billion) to £13.8 billion, while goods imports from the European Union increased 1.0% (£0.221 billion) to £21.4 billion. The resulting goods deficit widened by 7.3% (£0.515 billion) to £7.6 billion.

In August 2019, United Kingdom goods exports with non-European Union countries increased 0.9% (£0.144 billion) to £16.5 billion, while goods imports from non-EU28 countries decreased 1.0% (£0.190 billion) to £18.7 billion. The resulting goods deficit narrowed by 13.1% (£0.334 billion) to £2.2 billion.

 

 Year-to-date Goods Export Trade by Sector

In Jan-Aug 2019 vs Jan-Aug 2018,

the following sectors increased:

  • Machinery & transport equip sector, accounting for 39% of goods exports, increased 2.7% (£2.4 billion) to £91.7 billion.
  • Miscellaneous finished manufactures sector, accounting for 15% of goods exports, increased 16.1% (£5.0 billion) to £36.1 billion.
  • Material manufactures sector, accounting for 9% of goods exports, increased 1.6% (£0.3 billion) to £21.6 billion.
  • Food sector, accounting for 4% of goods exports, increased 6.4% (£0.6 billion) to £10.5 billion.
  • Beverages & tobacco sector, accounting for 2% of goods exports, increased 8.6% (£0.4 billion) to £5.7 billion.
  • Unspecified goods sector, accounting for 2% of goods exports, increased 139.3% (£2.4 billion) to £4.1 billion.

and, the following sectors decreased:  

  • Chemicals sector, accounting for 16% of goods exports, decreased 2.2% (£0.8 billion) to £36.8 billion.
  • Fuels sector, accounting for 10% of goods exports, decreased 4.2% (£1.1 billion) to £24.7 billion.
  • Crude Materials sector, accounting for 2% of goods exports, decreased 1.0% (£0.05 billion) to £4.9 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.1% of goods exports, decreased 5.5% (£0.020 billion) to £0.3 billion. 

 

Year-to-date Goods Import Trade by Sector

In Jan-Aug 2019 vs Jan-Aug 2018, 

The following sectors increased:

  • Machinery & transport equip sector, accounting for 36% of goods imports, increased 3.5% (£4.2 billion) to £122.4 billion.
  • Miscellaneous finished manufactures sector, accounting for 15% of goods imports, increased 6.7% (£3.2 billion) to £51.8 billion.
  • Chemicals sector, accounting for 12% of goods imports, increased 1.4% (£0.5 billion) to £39.0 billion.
  • Material manufactures sector, accounting for 11% of goods imports, increased 4.0% (£1.4 billion) to £37.4 billion.
  • Food sector, accounting for 8% of goods imports, increased 3.6% (£0.9 billion) to £27.0 billion.
  • Unspecified goods sector, accounting for 4% of goods imports, increased 249.0% (£9.6 billion) to £13.5 billion.
  • Crude Materials sector, accounting for 2% of goods imports, increased 4.3% (£0.3 billion) to £7.2 billion.
  • Beverages & tobacco sector, accounting for 2% of goods imports, increased 3.9% (£0.2 billion) to £5.8 billion.

The following sectors decreased:

  • Fuels sector, accounting for 10% of goods imports, decreased 9.7% (£3.5 billion) to £32.9 billion.
  • Animal/vegetable/oils & fats sector, accounting for 0.3% of goods imports, decreased 1.1% (£0.01 billion) to £0.9 billion.

 

 

Year-to-date Goods Net Trade by Sector

All trade sectors reported a trade deficit in Jan-Aug 2019 vs Jan-Aug 2018.

In the following sectors the deficit increased:

  • Machinery & transport equip sector, accounting for 30% of net goods trade, increased 6.1% (£1.8 billion) to -£30.7 billion.
  • Food sector, accounting for 16% of net goods trade, increased 1.9% (£0.3 billion) to -£16.5 billion.
  • Material manufactures sector, accounting for 16% of net goods trade, increased 7.3% (£1.1 billion) to -£15.8 billion.
  • Unspecified goods sector, accounting for 9% of net goods trade, increased 338.3% (£7.2 billion) to -£9.3 billion.
  • Crude Materials sector, accounting for 2% of net goods trade, increased 17.5% (£0.3 billion) to -£2.3 billion.
  • Chemicals sector, accounting for 2% of net goods trade, increased 157.4% (£1.4 billion) to -£2.2 billion.
  • Animal/vegetable/oils & fats sector, accounting for 1% of net goods trade, increased 1.8% (£0.010 billion) to -£0.6 billion.

In the following sectors the deficit decreased:

  • Miscellaneous finished manufactures sector, accounting for 16% of net goods trade, decreased 10.0% (£1.8 billion) to -£15.8 billion.
  • Fuels sector, accounting for 8% of net goods trade, decreased 22.7% (£2.4 billion) to -£8.3 billion.
  • Beverages & tobacco sector, accounting for 0.1% of net goods trade, decreased 62.3% (£0.23 billion) to -£0.14 billion.

 

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

 



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