Statistics: UK Trade, November 2014

• Key Points
• Key Figures
• Summary
• Longer-Term Perpective
• 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 £1.4 billion in November 2014, compared with £2.2 billion in October 2014. This reflects a deficit of £8.8 billion on goods, partly offset by an estimated surplus of £7.4 billion on services.
• The narrowing of the deficit reflects a fall in imports of goods rather than an increase in exports. Between October and November 2014, exports of goods fell by £0.1 billion to £24.4 billion. Imports of goods fell by £1.1 billion to £33.2 billion over the same period, reflecting a £0.7 billion decrease in imports of oil.
• In the three months ending November 2014, the trade in goods deficit narrowed by £2.5 billion to £29.2 billion. Exports increased by £2.0 billion to £73.0 billion, of the increase, £1.1 billion was attributed to exports of erratics. Imports decreased by £0.5 billion to £102.2 billion.
• From a geographical perspective, in the three months to November 2014, the UK recorded its largest ever trade in goods deficit with Germany (£7.8 billion), reflecting a decrease in exports and a slight increase in imports.

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