Statistical bulletin: UK Trade, January 2014

Released: 14 March 2014 – Download PDF

Contents

• Key Points
• Key Figures
• Summary
• Longer Term Perspective
• Value of UK Trade in Goods
• Trade in Goods – EU Analysis
• Trade in Goods – Non-EU Analysis
• Trade in Goods – One Month Geographical Analysis
• Trade in Goods – Three Monthly Geographical Analysis
• Volume of Total Trade in Goods, Excluding Oil and Erratics
• Export and Import Prices for Trade in Goods (Not Seasonally Adjusted)
• Trade in Oil
• Trade in Services
• Records Sheet
• Background notes
• Statistical contacts

Key Points

• UK Trade shows the extent of import and export activity and is a key contributor to the overall economic growth in the UK.
• Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £2.6 billion in January 2014, compared with a deficit of £0.7 billion in December 2013.
• There was a deficit of £9.8 billion on goods, partly offset by an estimated surplus of £7.2 billion on services.
• Export of goods to both EU (European Union) and non-EU countries fell by 3.7% and 4.3% respectively between December 2013 and January 2014. Imports of goods from EU countries remained unchanged, whereas imports of goods from countries outside the EU increased 7.5%.
• The falls in exports reflect trade in commodities, which can be volatile, such as aircraft and chemicals – similarly the increase in imports also reflects commodities prone to volatility such as oil, and again aircraft.
• Exports of goods in the three months to January 2014 decreased by 1.1% to £74.2 billion. Imports of goods decreased by 3.0% in the three months to January 2014 to £101.2 billion.

Source: Office for National Statistics licensed under the Open Government Licence v.1.0.