UK trade in goods balance
UK trade in goods balance stood at -£64,044m in Q2 2026, according to Office for National Statistics (ONS). It is one of the indicators in the Balance of payments table (Value · Quarterly), with a complete series running from Q1 1955 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Balance of payments table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade in goods balance | -64,044 | -64,963 | -62,796 | -58,520 | -60,557 | -52,393 | -55,208 | -44,841 | -58,115 | -43,884 | |
| Current account balance | -19,932 | -21,120 | -27,068 | -18,784 | -25,509 | -20,269 | -29,972 | -14,545 | -23,413 | -20,960 | |
| Current account balance as a share of GDP | -2.5 | -2.7 | -3.5 | -2.5 | -3.4 | -2.7 | -4.1 | -2 | -3.3 | -3 |
Understanding UK trade in goods balance
Merchandise transactions alone determine this balance, which calculates the net difference between United Kingdom exports and imports of tangible physical products. Quoted in millions of pounds (£m), it aggregates custom-monitored product groups including foodstuffs, basic raw materials, energy supplies, capital machinery, and consumer manufactured articles. It excludes all intangible cross-border services, contrasting directly with the total trade balance and the individual services accounts presented elsewhere in this table.
Goods are recorded on a free-on-board (FOB) valuation for both imports and exports to ensure consistent boundary pricing. The series is adjusted for regular quarterly seasonality, but it remains susceptible to sharp temporary movements caused by large, erratic items such as aircraft deliveries, non-monetary gold transfers, or global commodity price shocks. Comparing identical quarters year on year provides a more grounded reading of domestic industrial demand and external competitiveness than quarter-on-quarter changes. Users should note that changes in physical inventory levels among domestic distributors can generate short-term swings in this balance without reflecting fundamental trade shifts.
Frequently asked questions
- How does the goods trade balance differ from the total trade balance?
- It tracks only tangible physical merchandise and excludes all intangible commercial activities, such as financial, professional, or travel services.
- What is the valuation basis used for calculating physical merchandise trade?
- Both exports and imports are measured on a free-on-board basis, which values products at the border of the exporting economy and excludes international shipping and insurance costs.
- Why do precious metals and erratic items create noise in this balance?
- High-value, lumpy transactions in items such as non-monetary gold or aircraft can cause large, sudden movements in net goods totals that do not reflect broader macroeconomic trends.