Statistical bulletin: UK Trade, May 2015

• Main points
• Main figures
• Summary
• Longer-term perspective
• Value of UK trade in goods
• Trade in goods – analysis by area
• Trade in goods – geographical analysis
• Volume of total trade in goods, excluding oil and erratics
• Export and import prices for trade in goods (not seasonally adjusted)
• Trade in oil
• Trade in services
• Records sheet
• Background notes
• Statistical contacts

Main Points

• UK Trade shows the extent of import and export activity and is a main contributor to the overall economic growth of the UK. All data are shown on a seasonally adjusted balance of payments basis at current prices.
• The UK’s deficit on trade in goods and services was estimated to have been £0.4 billion in May 2015, compared with £1.8 billion in April 2015. This reflects a deficit of £8.0 billion on goods, partially offset by an estimated surplus of £7.6 billion on services. This deficit is the smallest since June 2013 and the narrowing is a result of imports decreasing by £1.4 billion to £43.4 billion, as exports were unchanged at £43.0 billion.
• Imports of goods decreased by £1.4 billion in May 2015 to £32.6 billion, the lowest level since April 2011. Most notable decreases were evident in the imports of ships (£0.5 billion) and material manufactures (£0.4 billion).
• In the 3-months to May 2015, the UK’s deficit on trade in goods and services was estimated to have been £5.4 billion; narrowing by £1.4 billion from the 3-months to February 2015.
• In the 3-months to May 2015, the trade in goods deficit narrowed by £1.9 billion to £28.1 billion. Exports increased by £0.6 billion to £73.1 billion, attributed to an increase in exports of chemicals to countries outside the EU. Imports decreased by £1.4 billion to £101.2 billion over the same period, attributed mainly to decreases in imports of chemicals and material manufactures.
• In the 3-months to May 2015, exports to countries outside the EU increased by £1.7 billion, attributed to exports of chemicals which reached a record high of £7.3 billion. Over the same period, the UK’s trade in goods surplus with the USA was at a record high of £4.0 billion.

Source: Office for National Statistics licensed under the Open Government Licence v.1.0.