Goods Trade Balance GBP

About this indicator

The UK’s goods trade deficit has continued to widen in recent years, driven by a stronger pound that boosted domestic demand and imports while weighing on exports. This trend has been compounded by significant shifts in US trade policy. Following the Trump administration’s announcement of new import tariffs on 2 April 2025, many UK businesses reported being affected by the measures. In response, the UK government signed a new trade agreement with the US, effective 30 June 2025. The deal reduced tariffs on UK car exports and removed duties on aluminum and steel, while a 10% blanket tariff remains in place for all other UK exports to the US.