Statistical bulletin: UK Trade, September 2014

• Key Points
• Key Figures
• Summary
• Longer-Term Perspective
• Value of UK Trade in Goods
• Trade in Goods – Analysis by Area
• Trade in Goods – 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 of the UK.
• Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £2.8 billion in September 2014, compared with £1.8 billion in August 2014. This reflects a deficit of £9.8 billion on goods, partly offset by an estimated surplus of £7.0 billion on services.
• Between August and September 2014, the trade in goods deficit widened by £0.9 billion. Exports increased from the previous month but imports, particularly from countries outside the EU, increased by a greater extent.
• Between Q2 and Q3 2014, the trade in goods deficit widened by £0.9 billion to £29.0 billion. Exports fell by £0.3 billion whilst imports rose by £0.6 billion. In terms of commodities, the deficit in trade in fuels widened by £1.1 billion over the quarter, reflecting a £0.8 billion increase in imports.
• Germany remains the the UK’s largest trading partner in terms of the value of goods exported and imported. However in Q3 2014 the UK recorded its largest ever deficit with Germany, reflecting a gradual decline in exports and rise in imports. In addition, the UK’s surplus with the USA reached it’s lowest level in almost eight years. Partially offsetting this were notable improvements to the UK’s deficits with China and Hong Kong, reflecting a rise in exports and a fall in imports in Q3.

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