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

January 16, 2025
UK TRADE BALANCE NOVEMBER 2024

Month-over-month (November 2024 vs October 2024, seasonally adjusted)

The United Kingdom (UK) goods and services trade deficit narrowed by £0.3 billion to £4.8 billion. Exports of goods and services increased 1.0% (£0.7 billion) to £68.0 billion while imports of goods and services were up 0.6% (£0.4 billion) to £72.8 billion.

The UK goods trade deficit narrowed by £0.02 billion to £19.3 billion. Exports of goods from the UK increased 0.8% (£0.24 billion) to £28.6 billion. Imports of goods to the UK increased 0.5% (£0.22 billion) to £47.9 billion.

The UK services trade surplus increased by £0.2 billion to £14.6 billion. Exports of services from the UK increased 1.1% (£0.4 billion) to £39.4 billion while imports of services to the UK increased 0.7% (£0.2 billion) to £24.9 billion.

The UK goods trade deficit with the European Union (EU) narrowed by £0.1 billion to £11.6 billion. Exports of goods from the UK to the EU declined by 1.3% (£0.2 billion) to £14.1 billion while imports of goods from the EU to the UK decreased by 1.0% (£0.3 billion) to £25.7 billion.

The UK trade deficit with countries outside the EU widened by £0.1 billion to £7.7 billion. Exports from the UK to countries outside the EU increased 3.0% (£0.4 billion) to £14.5 billion while imports to the UK from non-EU countries increased 2.3% (£0.5 billion) to £22.2 billion.

 

Year-over-year (November 2024 vs November 2023)

The UK goods and services trade deficit widened by £4.1 billion. The goods deficit widened by £5.0 billion while the services surplus widened by £0.9 billion.

Goods exports were down 13.4% year-over-year (£4.4 billion) while goods imports were up 1.2% (£0.6 billion). Services exports were up 4.3% (£1.6 billion) while services imports were up 3.1% (£0.7billion).

Compared with the same month a year earlier, the UK goods trade deficit with the EU declined by £0.7 billion (exports  down 10.0% or £1.6 billion, imports down 3.2% or £0.8 billion). The UK goods trade deficit with non EU countries widened by £4.3 billion (exports down 16.4% or £2.9 billion, imports up 6.8% or £1.4 billion).

Source: UK Office for National Statistics: Press release | UK trade time series 

 

 

 

 

 

 



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