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Release: Monthly Review of External Trade Statistics, March 2012

Released: 18 May 2012 Next edition: 18 June 2012

Contact

Marilyn Thomas

Trade in Transfer branch

trade.in.goods@ons.gsi.gov.uk

Telephone: +44 (0)1633 455708

Categories: Economy, National Accounts, Balance of Payments

Frequency of release: Monthly

Language: English

Geographical coverage: UK

Geographical breakdown: UK and GB

  • The UK’s deficit on seasonally adjusted trade in goods and services was £2.7 billion in March compared with the deficit of £2.9 billion in February.

  • The deficit on seasonally adjusted trade in goods was £8.6 billion in March, unchanged compared with February.

  • The surplus on seasonally adjusted trade in services was estimated at £5.8 billion in March compared with the surplus of £5.6 billion in February.

  • Excluding oil and erratic items, the seasonally adjusted volume of exports was 6.0 per cent higher, and the volume of imports was 2.4 per cent higher in March compared with February.

  • Export prices of goods, non-seasonally adjusted, rose by 1.7 per cent and import prices of goods rose by 1.2 per cent compared with February.

UK exports and imports of goods produced on a monthly basis. The statistics of trade in goods compiled by the Office for National Statistics (ONS) are derived principally from data provided by Her Majesty’s Revenue and Customs (HMRC). In order to conform to the International Monetary Fund (IMF) Balance of Payments (BoP) definition, the value of imports required is the value of goods at the point of export (that is, the Customs border of the exporting country) rather than the value of goods as they arrive in the UK. The freight and insurance costs of transporting the goods to the UK needs to be deducted from the values recorded by HMRC.

Content from the Office for National Statistics.
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