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Summary: UK Trade, January 2014

Released: 14 March 2014 Download PDF

Figure 1: Balance of UK Trade

Figure 1: Balance of UK Trade
Source: Office for National Statistics

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The deficit of trade in goods and services for January 2014 was £2.6 billion, compared with a deficit of £0.7 billion in the previous month. The deficit on trade in goods was £9.8 billion in January 2014; the trade position reflects exports minus imports.

Exports of goods decreased by 4.0% between December 2013 and January 2014 to £24.2 billion. Imports for the same period increased by 3.4% to £34.0 billion; a factor behind this rise were imports of erratics, which are defined as ships, aircraft, precious stones and silver, which increased by 57.2%.  The majority of the increase was attributed to aircraft.  Excluding erratics, imports increased by 1.7% between December 2013 and January 2014.

In January 2014, exports of goods to the European Union (EU) decreased by £0.5 billion to £12.2 billion; of which £0.3 billion was attributed to chemicals. Exports of goods to countries outside of the EU decreased by £0.5 billion to £12.1 billion; attributed mainly to aircraft, but also partially due to a decrease in exports of chemicals.

In January 2014, imports from the EU were unchanged at £18.0 billion and imports from countries outside of the EU increased by £1.1 billion to £16.0 billion.   

The deficit on trade in goods narrowed by £2.3 billion to £27.0 billion in the three months ending January 2014, compared with the previous three months. Exports of goods in the latest three months decreased by 1.1% to £74.2 billion. Imports of goods decreased by 3.0% in the three months ending January 2014 to £101.2 billion.

Exports to countries within the EU decreased by 1.9% to £37.1 billion in the three months ending January 2014. Imports from EU countries decreased 1.7% to £54.6 billion in the latest three months. 

Exports to countries outside the EU fell by 0.3% to £37.1 billion in the three months ending January 2014. Imports from countries outside of the EU decreased by 4.6% in the latest three months reflecting a fall in imports of oil.

Source: Office for National Statistics

Background notes

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