UK Trade, February 2015

9 Apr 2015 10:44 AM

Main 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 £2.9 billion in February 2015, compared with £1.5 billion in January 2015. This reflects a deficit of £10.3 billion on goods, partially offset by an estimated surplus of £7.5 billion on services.
• The widening of the trade deficit between January and February 2015 mainly reflects a fall in exports of goods to non-EU countries, particularly to the United States. In terms of commodities, the main decreases were in the exports of miscellaneous manufactures, material manufactures and chemical manufactures.
• In the 3 months to February 2015, the total trade deficit narrowed by £0.4 billion to £6.5 billion. The narrowing reflects an increase in goods exported to countries outside the EU; specifically chemicals (up £0.9 billion) and a decrease in goods imported from outside the EU. Exports of services also increased over the same period. The narrowing was partially offset by a fall in exports of goods to the EU.
• In the 3 months to February 2015, the trade in goods deficit between the UK and countries within the EU reached a record high of £21.1 billion, since comparable records began in 1998. The widening of £1.5 billion mainly reflects a 5.6% fall in exports (particularly exports of oil).

Get all the tables for this publication in the data section of this publication.