UK Trade
Deficit widened to £3.9 billion in October
Balance of Trade
The UK’s deficit on trade in goods and services was £3.9 billion in October, compared with the revised deficit of £3.5 billion in September (originally published as a deficit of £3.9 billion).
The surplus on trade in services was £3.9 billion, the same as in September (originally published as a surplus of £3.6 billion).
The deficit on trade in goods was £7.8 billion, compared with the revised deficit of £7.4 billion in September (which was originally published as a deficit of £7.5 billion). Exports fell by £0.7 billion and imports fell by £0.3 billion.
The deficit with the EU was £3.4 billion in October, compared with a deficit of £2.8 billion in September. Exports fell by £1.0 billion and imports fell by £0.4 billion. There was a rise in exports of fuels other than oil. There were falls in exports of oil, food, drink and tobacco, and chemicals. There were falls in imports of intermediate goods, capital goods, and chemicals.
The deficit with non-EU countries narrowed to £4.4 billion compared with the deficit of £4.6 billion in September. Exports rose by £0.2 billion and imports were virtually unchanged. There were rises in exports of chemicals, and aircraft. There was a rise in imports of fuels other than oil from a relatively low level in September, and a smaller rise in imports of aircraft.
Excluding oil and erratic items, the volumes of exports and imports were both two and a half per cent lower in October than in September.
Export prices were two and a half per cent lower and import prices were one and a half per cent lower than in September, reflecting lower fuel and basic materials prices.
Notes: 'Originally published' figures relate to routine revisions which are part of the normal compilation process for trade data.
Missing Trader Intra-community (MTIC) VAT fraud, also known as 'carousel fraud', involves the repeated import and export of small, high value goods such as computer chips and mobile phones. Companies obtain VAT registration to acquire goods from other Member States without paying VAT. They then sell on the goods at VAT inclusive prices. But the VAT that their customers have already paid is not handed over to the tax authorities.
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UK Trade Press Release