The total UK goods imports (excluding precious metals) increased by £2.2 billion (4.2 per cent) in May this year, primarily because of a £1.4 billion (5.2 per cent) rise in imports from the European Union (EU) nations. Such exports increased by £2.3 billion (7.4 per cent) in May 2022, driven by a £1.9 billion (12.7 per cent) rise in exports to non-EU nations.
The total trade in goods and services deficit, excluding precious metals, widened by £8.6 billion to £27.9 billion in the three months to May this year compared with the three months to February 2022.
The total UK goods imports (excluding precious metals) increased by £2.2 billion (4.2 per cent) in May this year, primarily because of a £1.4 billion (5.2 per cent) rise in imports from the European Union (EU) nations. Such exports increased by £2.3 billion (7.4 per cent) in May 2022, driven by a £1.9 billion (12.7 per cent) rise in exports to non-EU nations
The trade in goods deficit, excluding precious metals, widened by £9.5 billion to £63.1 billion in the three months to May compared with the three months to February, as imports of goods increased by £20.2 billion (14.6 per cent) and exports increased by £10.7 billion (12.6 per cent), according to the Office of National Statistics (ONS).
The UK leaving the EU and the subsequent transition period, along with the impact of the coronavirus (COVID-19) pandemic, supply chain disruption and global recession, have caused higher levels of volatility in trade statistics in the past two years.
Hence, it continues to be difficult to assess the extent to which trade movements reflect short-term trade disruption or longer-term supply chain adjustments, ONS said in a press release.
Goods exports to the EU reached £16.9 billion in May. Removing the effect of inflation, exports to the EU, excluding unspecified goods, rose to £13.9 billion in May, the highest levels since December 2020.
Exports to non-EU countries were £0.2 billion higher than exports to EU countries in May 2022.
Fibre2Fashion News Desk (DS)
