UK Statistics

Statistical bulletin: UK Trade, January 2015

Released: 12 March 2015 – Download PDF

Contents

Key Points

  • UK Trade shows the extent of import and export activity and is a key contributor to the overall economic growth of the UK.
  • Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £0.6 billion in January 2015, compared with £2.1 billion in December 2014. This reflects a deficit of £8.4 billion on goods, partially offset by an estimated surplus of £7.8 billion on services.
  • The sharp narrowing of the deficit reflects a fall of £2.5 billion in imports. Almost half of this fall (£1.2 billion) is attributed to oil imports, where trade remains volatile due to the well publicised oil price movements. The fall in oil imports is largely from countries outside the European Union (EU). In addition there were falls in all of the main commodities imported from the EU.
  • In the 3 months to January 2015 the UK’s deficit on trade in goods and services was estimated to have been £4.4 billion; almost half of the deficit in the the 3 months to October 2014 (£8.0 billion). The latest 3 monthly deficit is the smallest since the 3 months to October 2000. This mainly reflects a 7.3% rise in exports of goods to countries outside the EU and falls in imports of goods from both EU and non-EU countries.

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

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