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.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
