UK Trade Deficit Narrows in May


The UK’s deficit in Trade in Goods and Services narrowed by £1.4 billion to £2.7 billion in May, compared with April.

The UK’s surplus in Trade in Services was estimated at £5.6 billion in May, virtually unchanged compared with April. Exports of services rose by less than £0.1 billion (0.2 per cent) to £15.5 billion and imports of services remained unchanged at £9.9 billion.

The UK’s deficit in Trade in Goods narrowed by £1.3 billion to £8.4 billion in May compared with April. Exports of goods increased by £1.9 billion (7.8 per cent), from £23.8 billion in April to £25.7 billion in May. Imports of goods increased by £0.5 billion (1.5 per cent), from £33.5 billion in April to £34.0 billion in May.

The deficit in trade in goods with EU countries narrowed by £0.1 billion to £4.5 billion in May, compared with a deficit of £4.6 billion in April, as exports increased by £0.6 billion (4.7 per cent) to £12.5 billion and imports increased by £0.5 billion (2.9 per cent) to £17.0 billion.

The deficit on trade in goods with non-EU countries decreased by £1.3 billion to £3.9 billion in May, compared with a deficit of £5.1 billion in April, as exports increased by £1.3 billion (10.9 per cent) to £13.2 billion and imports increased by less than £0.1 billion (0.2 per cent) to £17.0 billion.

The volume of exports of goods (excluding oil and erratics) increased by 6.6 per cent, driven by an increase in export volumes of cars (up 34.2 per cent), chemicals (up 6.0 per cent) and food, drink & tobacco (up 5.6 per cent).

The volume of imports of goods (excluding oil and erratics) increased by 1.0 per cent, driven by an increase in import volumes of intermediate goods (up 5.0 per cent), food, drink & tobacco (up 4.1 per cent) and consumer goods other than cars (up 1.9 per cent).


TradingEconomics.com, ONS
7/10/2012 1:26:21 PM