Back
6 Feb 2015
UK goods deficit widens to the highest on record
FXStreet (London) - According to data released today by the UK Office for National Statistics, seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been GBP2.9 billion in December 2014, compared with GBP1.8 billion in November 2014.
This reflects a deficit of GBP10.2 billion on goods, partly offset by an estimated surplus of GBP7.3 billion on services. The widening of the overall deficit mainly reflects an increase in the import of goods from countries outside of the European Union.
Between the third and fourth quarter of 2014, the trade in goods deficit narrowed by GBP2.2 billion to GBP29.4 billion. Exports increased by GBP2.0 billion to GBP73.8 billion, attributed to increases in exports of manufactured goods. Imports decreased by GBP0.2 billion to GBP103.2 billion. Trade with countries outside of the EU was the main contributor to the deficit narrowing.
Annually, the total trade deficit widened to GBP34.8 billion in 2014. This was the largest deficit since 2010 when the deficit stood at GBP37.1 billion. Both exports and imports fell in 2014 when compared with 2013, however, exports fell more significantly. The widening of the deficit is mainly attributed to trade in goods as exports of goods decreased by GBP14.6 billion from the previous year and imports of goods decreased by GBP7.3 billion; this was the first annual fall in imports since 2009.
This reflects a deficit of GBP10.2 billion on goods, partly offset by an estimated surplus of GBP7.3 billion on services. The widening of the overall deficit mainly reflects an increase in the import of goods from countries outside of the European Union.
Between the third and fourth quarter of 2014, the trade in goods deficit narrowed by GBP2.2 billion to GBP29.4 billion. Exports increased by GBP2.0 billion to GBP73.8 billion, attributed to increases in exports of manufactured goods. Imports decreased by GBP0.2 billion to GBP103.2 billion. Trade with countries outside of the EU was the main contributor to the deficit narrowing.
Annually, the total trade deficit widened to GBP34.8 billion in 2014. This was the largest deficit since 2010 when the deficit stood at GBP37.1 billion. Both exports and imports fell in 2014 when compared with 2013, however, exports fell more significantly. The widening of the deficit is mainly attributed to trade in goods as exports of goods decreased by GBP14.6 billion from the previous year and imports of goods decreased by GBP7.3 billion; this was the first annual fall in imports since 2009.