Date: 10 August 2017
The latest trade data was published by UK Trade Date today and the picture looks as follows.
In June 2017 the value of exports (EU and Non-EU) decreased to £28.3 billion, and imports (EU and Non-EU) increased to £41.7 billion, compared with last month. Consequently the UK is a net importer this month, with imports exceeding exports by £13.4 billion.
Key Points Highlighted by HMRC
- Total trade exports for June 2017 were £28.3 billion. This was a decrease of £1.0 billion (3.5 per cent) compared with last month, but an increase of £3.6 billion (15 per cent) compared with June 2016.
- Total trade imports for June 2017 were £41.7 billion. This was an increase of £1.3 billion (3.3 per cent) compared with last month, and an increase of £1.6 billion (4.0 per cent) compared with June 2016.
- The UK was a net importer this month, with imports exceeding exports by £13.4 billion
The Top 25 Trading Partners for UK Exporters shows little change in the table (see below), but it is interesting to look behind the scene.
Whilst the US is still at No 1 and exports in comparison to Year to Date 2016 figure, export to the US has increased by 6.4%, however, the comparison to the previous month, ie May 2017 to June 2017 showed a decrease by a – 19.1%.
Equally UK Exports to China decreased by 18.8% in comparison to May 2017, dropping from 6th to 7th place in the table.
All other figures noted in comparison to YTD2016 to YTD2017 remain positive, bar Hong Kong (-2.1%) and Saudi Arabia (-6.4%).
At the top of the table of increased exports in comparison to last year is Turkey (+74.2%) followed by Switzerland (+60) and South Korea (49.7%).
Qatar dropped off the Top25 UK Export list, replaced by Russia.
Top 25 UK Import Trading Partners’ list sees little change.
Top 25 UK Export Trading Partners: US, Germany, France, Netherlands, Irish Republic, China, Switzerland, Belgium, Spain, Italy, UAE, Hong Kong, Turkey, South Korea, Sweden, Japan, , Canada, Poland, Singapore, , Low Value Trade (ZY), Saudi Arabia, Australia, India Norway, Russia
Top 25 UK Import Trading Partners: Germany, US, China, Netherlands, France, Belgium, Norway, Italy,Spain, Irish Republic, Canada, Japan, Poland, Hong Kong, Switzerland, Turkey, India, Sweden, Low Value Trade (ZY), South Africa, Czech Republic, Russia, Denmark, South Korea, UAE
Source and full information on Top Trading Partners by Country, SITC or Chapters please visit published 10th August 2017, HMRC