- GBP - 9.283 prev revised down from -8.848 bln
- non -EU GBP -3.796 bln vs -3bln exp vs -2.778bln revised down from -2.649bln prev
- total trade balance GBP -2.895bln vs -1.7bln exp vs -1.841bln revised down from -1.406bln prev
- 2014 total trade deficit GBP -34.8bln, largest since 2010
Ouch.. again, but GBP unfazed
GBPUSD 1.5320 and EURGBP 0.7478
A surge in oil imports being cited by the ONS as main culprit
The deficit of trade in goods and services for December 2014 widened to £2.9 billion, from £1.8 billion in the previous month. The trade position reflects exports minus imports. Between November and December, exports decreased by less than £0.1 billion to £42.1 billion and imports increased by £1.0 billion to £45.0 billion.
This release is the first opportunity to analyse the performance of UK trade in 2014. The total trade deficit widened to £34.8 billion in 2014. This was the largest deficit since 2010 when the deficit stood at £37.1 billion. Both exports and imports fell in 2014, however, exports fell more significantly. The widening of the deficit is mainly attributed to trade in goods as exports of goods decreased by £14.6 billion from the previous year and imports of goods decreased by £7.3 billion; this was the first annual fall in imports since 2009. In terms of commodities, trade in fuels saw the biggest year on year decrease; exports of fuels fell by £6.4 billion and imports of fuels fell by £9.8 billion.
The deficit on trade in goods was £10.2 billion in December 2014, narrowing by £0.9 billion from November. Exports rose by less than £0.1 billion between November and December, whilst imports rose by £0.9 billion over the same period.
In detail, exports of goods rose by less than £0.1 billion to £24.6 billion in December; a £0.2 billion increase in fuel exports was almost entirely offset by a £0.2 billion decrease in exports of manufactured goods. In value terms, exports of oil increased £0.2 billion in December 2014, whilst the volume of oil exports grew 22.7% over the same period; reaching its highest level since July 2012.
Imports of goods rose by £0.9 billion in December 2014, mainly reflecting a £0.7 billion rise in imports of fuels; specifically oil imports (up £0.6 billion). The volume of oil imports reached its highest level since July 2008, growing 37.5% between November and December. Aside from fuels, imports of finished manufactures rose by £0.4 billion in December, £0.3 billion of which was attributed to imports of aircraft.
Full report here
K visible trade deficit mm table
UK visible trade deficit mm
