The UK trade deficit widened sharply to GBP 6.58B in May 2023, the largest gap since last December, as exports declined 2.6% to an 11-month low and imports rose 3.1%.
Within exports, goods sales to the EU fell by 6.8%, driven fuel, chemicals, machinery and transport equipment, and material manufactures.
The main contribution to the fall in fuel exports came from reduced exports of crude oil to Germany and Sweden, while falls in medicinal and pharmaceutical products to Germany and Belgium led the decreased exports of chemicals.
Exports to non-EU countries were down 2.1%, mainly because of a decrease in fuel exports, primarily of refined oil to Nigeria.
The UK trade deficit in goods widened to GBP 18.72B compared to market expectations of GBP 14.7B. It was the largest trade gap since last December.
The UK trade deficit in goods with non-EU countries widened to GBP 6.76B in May 2023 from a revised GBP 4.64B in the previous month and compared to market expectations of GBP 6.45B. It was the largest trade gap since last December.
ETFs: (FXB), (EWU), (FKU), (EWUS), (HEWU), (FLGB).
Currency (GBP:USD)