UK trade Statistics: July 2016

UK trade shows import and export activity and is a main contributor to the overall economic growth of the UK. This is the first release of UK trade covering a complete calendar month of data post EU referendum.

All data are shown on a seasonally adjusted, balance of payments basis, at current prices unless otherwise stated.

The UK’s deficit on trade in goods and services was estimated to have been £4.5 billion in July 2016, a narrowing of £1.1 billion from June 2016. Exports increased by £0.8 billion and imports decreased by £0.3 billion. 

The deficit on trade in goods was £11.8 billion in July 2016, narrowing by £1.2 billion from June 2016. This narrowing reflected an increase in exports of £0.8 billion to £24.8 billion and a decrease in imports of £0.3 billion to £36.6 billion.

Between the 3 months to April 2016 and the 3 months to July 2016, the total trade deficit for goods and services widened by £5.1 billion to £14.0 billion. 

Between the 3 months to April 2016 and the 3 months to July 2016, the deficit on trade in goods widened by £5.0 billion to a deficit of £36.0 billion. Exports decreased by £1.6 billion (2.2%) and imports increased by £3.3 billion (3.2%). 

Between the 3 months to April 2016 and the 3 months to July 2016, the UK’s trade in goods deficit with the EU widened by £0.1 billion to £23.6 billion. Between the 3 months to April 2016 and the 3 months to July 2016, the UK’s trade in goods deficit with countries outside the EU widened by £4.8 billion to £12.5 billion, attributed to a decrease in exports (6.8%) and an increase in imports (4.5%). 

Between the 3 months to April 2016 and the 3 months to July 2016, the trade in services surplus narrowed by £0.1 billion to £22.0 billion, as exports decreased by £0.5 billion and imports decreased by £0.4 billion.

As part of the ongoing development of UK trade statistics, we have introduced improved seasonal adjustment in this release which has led to revisions to trade in goods from 2015 onwards. Updated figures from HM Revenue and Customs from the beginning of 2015 have also been included in this release in line with the revisions policy.

Table of contents

1. Main points for July 2016
2. Main figures for July 2016
3. Understanding and working with UK trade statistics
4. Summary of latest UK trade statistics
5. Longer term perspective – sterling depreciation and trade
6. Value of UK trade in goods
7. Trade in goods – analysis by area
8. Trade in goods – geographical analysis
9. Volume of trade in goods, excluding oil and erratics
10. Export and import prices for trade in goods (not seasonally adjusted)
11. Trade in oil
12. Trade in services
13. Where to find more information about UK trade statistics
14. Revisions to trade statistics
15. Accuracy of the statistics
16. Other quality information
17. Records sheet
18. Background notes

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