Business NewsUK Statistics

Statistical bulletin: UK Trade, May 2015

Released: 10 July 2015 – Download PDF

Contents
 

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.

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