Key Points

• UK Trade August 2014 now reflects new definitions and methods set out in the Balance of Payments Manual sixth edition (BPM6). Annual and quarterly estimates are consistent with the Quarterly Balance of Payments published on 30 September 2014.
• 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 £1.9 billion in August 2014, compared with £3.1 billion in July 2014.
• In August 2014 there was a deficit of £9.1 billion on goods partly offset by an estimated surplus of £7.2 billion on services. The trade in goods deficit narrowed by £1.3 billion compared with July 2014. However, the main factor behind the deficit narrowing was not an increase in exports but a large fall in imports from non-EU countries.
• Between July 2014 and August 2014, exports of goods decreased by £0.7 billion to £23.2 billion mainly attributed to oil. Over the same period, imports of goods decreased by £2.0 billion to £32.3 billion, reflecting falls in imports of aircraft, fuels and chemicals.