The UK’s deficit on trade in goods and services was £3.5 billion in September, compared with a revised deficit of £2.2 billion in August (originally published as a deficit of £2.3 billion).
The surplus on trade in services was £3.7 billion in September, compared with the surplus of £3.9 billion in August.
The deficit on trade in goods was £7.2 billion in September, compared with a revised deficit of £6.1 billion in August (originally published as a deficit of £6.2 billion). Exports rose by £0.7 billion and imports rose by £1.9 billion.
The deficit with EU countries widened to £3.4 billion in September, compared with a deficit of £3.0 billion in August. Exports rose by £0.6 billion and imports rose by £1.0 billion. There were rises in imports of cars, intermediate goods, and chemicals.
The deficit with non-EU countries widened to £3.8 billion in September, compared with the deficit of £3.1 billion in August. Exports rose by £0.1 billion, and imports rose by £0.8 billion. There was a fall in exports of chemicals. There were rises in imports of oil, and aircraft.
Excluding oil and erratic items, the volume of exports was 0.2 per cent lower but the volume of imports was 4.1 per cent higher in September, compared with August.
Export and import prices were both 1.1 per cent higher in September, compared with August.
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