UK Trade Deficit Widens to £1.6B in June

The UK’s deficit on trade in goods and services was estimated to have been £1.6 billion in June 2015, compared with £0.9 billion in May 2015. This reflects a deficit of £9.2 billion on goods, partially offset by an estimated surplus of £7.6 billion on services.

The deficit on trade in goods was £9.2 billion in June 2015; a widening of £0.8 billion from May 2015. Between May 2015 and June 2015, exports fell by £0.3 billion, whilst imports rose by £0.5 billion over the same period.

In detail, exports of goods fell by £0.3 billion to £24.9 billion in June 2015. The decrease mainly reflects a £0.5 billion fall in exports of unspecified goods following a high export value in the previous month. Exports of fuels also decreased in June 2015 (down £0.4 billion from May), £0.3 billion of this fall was due to oil. The overall decrease in exports of goods was partially offset by a £0.5 billion rise in chemicals, specifically organic chemicals.

Imports of goods rose by £0.5 billion to £34.1 billion in June 2015, £0.2 billion of this increase was attributed to fuels (specifically oil). The remaining increase was due to a cumulative rise in imports of almost all other commodities.

Between May 2015 and June 2015, exports to countries outside the EU fell by £0.3 billion. Exports of unspecified goods fell by £0.5 billion as trade levels returned to normal from May’s high, whilst exports of chemicals partly offset the decrease with a monthly increase of £0.3 billion. In the same period, imports from the EU rose by £0.6 billion, mainly reflecting increases in material manufactures, machinery and transport equipment, and food and live animals (each up by £0.1 billion). This increase in imports results in a record trade deficit with the EU of £7.6 billion for June 2015.

UK Trade Deficit Widens to £1.6B in June

UK Statistics |
8/7/2015 9:40:20 AM