Wednesday, 16 February 2011

Balance of Payments - Trade in Goods

Last year I said that export markets are key to a long term recovery.

One essential element of any stable economy is a strong manufacturing base. It's just as important to tackle this deficit, as it is to tackle the central government financial deficit.

There has been a small recovery last year, but as you can see from the chart below there is a long way to go.

Balance of payments - trade in goods UK (figures in millions and UK pound)


Balance of trade for the UK divided into categories, between 1970 and 2009.

Data from: ONS


PromoW said...


Where is this graph for?

UK/Wales/Ynys Mon

Rhys Williams said...

Sorry PromoW, the chart is trade of goods of the UK.

Prometheuswrites said...

So not only is our national debt growing with each succesively bigger budget deficit but it's being compounded by the huge trade gap.

Or are balance of trade figures included in the national deficit figures?

I have to say I'm disappointed that this deficit has plunged to such a degree (from -£20Billion to -£90 Billion)) since Labour, (traditionally the party of 'the workers'), came into power in 1997.

I guess that's what happens when you suck (and I use that word with due deliberation) up to the banking services fraternity.