UK Trade Deficit Hits £10 Billion in Q4 2024

The United Kingdom's trade deficit for goods and services surged by £4.2 billion, reaching a staggering £10.0 billion in the fourth quarter of 2024, according to the latest report from the Office for National Statistics (ONS).

Exports Decline While Imports Rise

During the same period, the UK experienced a 0.6% decrease in exports, amounting to a £1.3 billion drop, bringing the total exports to £206.3 billion. Conversely, imports into the UK saw a 1.3% increase, adding £2.8 billion to reach £216.2 billion.

Trade Deficit with the European Union

The trade deficit with the European Union was particularly notable, standing at £34.6 billion in the fourth quarter of 2024. This was marked by imports of £76.7 billion and exports of £42.1 billion, highlighting the challenges in UK-EU trade relations post-Brexit.