Economic Buzz: UK Imports Increase By 5.7% In August

12 Oct 2022 , 02:42 PM

In August 2022 the value of imports of goods in UK rose by more than that of exports, with high gas prices having a strong impact, according to the data released by the Office for National Statistics. Total imports of goods increased by ?3.1 billion (5.7%) in August 2022 because of a ?3.5 billion (13.3%) rise in imports from non-EU countries, while imports from EU countries decreased by ?0.5 billion (1.9%). Total exports of goods increased by ?0.4 billion (1.2%) in August 2022, driven by a ?0.7 billion (4.1%) increase in exports to non-EU countries, while exports to EU countries decreased by ?0.3 billion (1.5%). For the three months to August 2022, the total trade in goods and services deficit widened by ?0.2 billion to ?25.6 billion compared with the three months to May 2022. Removing the effect of inflation, the total trade deficit, narrowed by ?6.5 billion to ?11.9 billion in the three months to August 2022.Powered by Commodity Insights