UK Trade Deficit at 2-Year Low

British trade gap decreased to £0.393 billion in May of 2015 from an upwardly revised £1.8 billion in April. It is the lowest shortfall since June of 2013, mainly driven by a drop in imports of ships.

The deficit on trade of goods and services reflects a gap of £8.0 billion on goods, partially offset by an estimated surplus of £7.6 billion on services. 

In detail, imports of goods decreased 4.1 percent to £32.6 billion in May from April, reaching the lowest level since April of 2011. Imports decreased for all of the main commodity groups including a £0.5 billion decrease in imports of ships and a £0.4 billion decrease attributed to material manufactures.

Exports of goods edged down 0.1 percent to £24.6 billion in May. Exports of fuels (specifically oil) increased by £0.5 billion and unspecified goods increased by £0.4 billion, whereas exports of chemicals decreased by £0.3 billion, miscellaneous manufactures (which includes jewellery and works of art) decreased by £0.4 billion and material manufactures decreased by £0.2 billion. 

In May 2015, the trade in goods deficit with the EU narrowed by £0.6 billion to £6.4 billion as imports decreased. The trade in goods deficit with countries outside the EU narrowed £0.8 billion to £1.6 billion, the smallest deficit since June 2013, again attributed to a decrease in imports.

UK Trade Deficit at 2-Year Low

ONS | Joana Taborda |
7/10/2015 9:55:55 AM