The United Kingdoms trade deficit widens in May
The UK`s trade deficit increased in the Month of May. The UK`s exports did increase by £0.1 billion however we imported more, this increased by £0.5 billion.
There was a major contributing factor which as from aircraft imports, official data has shown.
Governments are tasked with decreasing the deficit, which is no easy task. We have to export more if we are too really tackle the problem. The Office for National Statistics has said the UK`s trade deficit increased from £8.8 billion in April to £9.2 billion in May.
However the UK`s service sector which is currently exporting a lot more, totalling £6.8 billion, helped to reduce the overall deficit to that of £2.4 billion.
Exports to the EU have fallen by approximately 2% which makes the total about £12.2 billion, however imports from the EU increased b 1.6% to £17.4 billion. The EU is a major importer of UK goods, but there is weaker demand in the EU which has not helped the UK`s export figures.