UK Trade - May 2024

11th July 2024

The value of goods imports decreased by £2.3 billion (4.7%) in May 2024, primarily driven by a fall in imports from the EU.

The substantial fall in imports from the EU was because of a fall in imports of machinery and transport equipment, following a rise seen the previous month.

The value of goods exports fell by £0.8 billion (2.5%) in May 2024, because of a notable fall in exports of machinery and transport equipment to the EU, and a fall in fuel exports to non-EU countries.

The total goods and services trade deficit widened by £1.6 billion to £9.2 billion in the three months to May 2024; this was driven by increased imports and decreased exports of goods.

The trade in goods deficit widened by £3.3 billion to £48.2 billion in the three months to May 2024, while the trade in services surplus is estimated to have widened by £1.7 billion to £39.0 billion.

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