UK Trade Deficit Widens in Final Quarter of 2024

The United Kingdom witnessed a notable increase in its total goods and services trade deficit, which rose by £4.2 billion to £10.2 billion in the three months leading up to December 2024, according to the latest report from the Office for National Statistics (ONS).

Goods and Services Trade Imbalance

The deficit in goods trade expanded by £4.8 billion, reaching £59.5 billion in Q4 2024. Conversely, the surplus in services trade saw a modest increase of £0.6 billion, totaling £49.3 billion.

Export Declines and Import Growth

Total goods exports fell by £3.5 billion to £86.4 billion during the quarter, while goods imports experienced a rise of £1.3 billion, climbing to £145.9 billion.