10 Jul 2015
UK trade deficit in May narrowest since June 2013
FXStreet (Mumbai) - As per the UK Office for National Statistics (ONS) data released on Friday showed the trade deficit narrowed to almost two-year low as imports fell, while the exports to the Eurozone climbed.
The goods trade deficit narrowed to GBP 8 billion from GBP 9.4 billion in April. The economists were expecting the trade deficit at GBP 9.7 billions. Exports fell 0.1% and imports declined 4.1%. The total trade deficit fell to GBP 393 billion – lowest since June 2013 on account of the surplus on services of GBP 7.6 billion in May.
The figures suggest the trade deficit may not act as a drag on the GDP in the second quarter as it did in the first quarter.
The goods trade deficit narrowed to GBP 8 billion from GBP 9.4 billion in April. The economists were expecting the trade deficit at GBP 9.7 billions. Exports fell 0.1% and imports declined 4.1%. The total trade deficit fell to GBP 393 billion – lowest since June 2013 on account of the surplus on services of GBP 7.6 billion in May.
The figures suggest the trade deficit may not act as a drag on the GDP in the second quarter as it did in the first quarter.