Statistics: UK Trade, December 2013

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 £1.0 billion in December 2013, compared with a deficit of £3.6 billion in November 2013.
• There was a deficit of £7.7 billion on goods, partly offset by an estimated surplus of £6.7 billion on services.
• The narrowing of the total trade deficit reflects both an increase in exports (2.1%) and a fall in imports (3.8%). By commodity, the strongest exports were in oil, chemicals and aircraft. The largest falls in imports were in aircraft and ships.
• The goods deficit in countries outside the EU has narrowed in each of the last six months. Since July 2013 exports to countries outside the EU have increased 9.3% and imports have decreased 9.6%.