Trade deficit at lowest level for 3 years

Published 13 March 15

The UK’s annual trade deficit for dairy products has fallen 12% to £1,195m in 2014, the lowest level since 2011. A large factor behind this fall is a significant increase in milk production over the past year, resulting in a decrease in import volumes (down 5%) and a surge in exports (up 19%). While there is still a considerable deficit, the figures clearly show the importance of having product to trade as, despite weighty reductions in wholesale prices (down on average 17%), the increase in production still allowed the UK’s trade deficit to fall.

£m 2014 2013 2012 2011
Exports 1,305 1,196 1,029 1,111
Imports 2,500 2,556 2,294 2,246
Deficit -1,195 -1,360 -1,266 -1,135
% change -12% 7% 11%  

 Source: HMRC