The goods trade deficit rose by £3.3 billion (€3.5 billion) to a total of £48.2 billion (€57.2 billion) in the three months to May, while the services trade surplus grew by £1.7 billion (€2 billion).
The UK’s trade balance in goods and services deteriorated in May, with a deficit of £1.6 billion (€1.8 billion) to £9.2 billion (€10.6 billion) in the three months to May. Higher imports and lower exports of goods explain the deterioration, the Office for National Statistics explains.
The goods trade deficit rose by £3.3 billion (€3.5 billion) to a total of £48.2 billion (€57.2 billion) in the three months to May, while the services trade surplus increased by £1.7 billion (€2 billion) to a total of £39 billion (€46.3 billion).
The value of imports of goods fell by £2.3 billion (€2.7 billion) in May, due to a decline in imports from the European Union.
The statistical institute explained that “the significant decrease in imports from the European Union is justified by a decrease in imports of machinery and transport equipment, after the increase we saw last month.”
The value of exported goods fell by £800m (€900m) in May, due to a “significant decline” in exports of machinery and transport equipment to the EU, and a drop in fuel exports to non-EU countries.
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