Economic Buzz: UK Sees Substantial Increase In Q1 Imports Of Goods

12 May 2022 , 03:48 PM

According to the Office for National Statistics, UKs total imports of goods, excluding precious metals, increased by ?4.4 billion (9.3%) in March 2022, because of a ?2.4 billion (9.9%) rise in imports from non-EU countries while imports from EU countries rose by ?2.0 billion (8.6%). Total exports of goods, excluding precious metals, increased by ?0.6 billion (2.1%) in March 2022, driven by a ?0.4 billion (2.6%) increase in exports to non-EU countries while exports to EU countries increased by ?0.3 billion (1.7%). The total trade in goods and services deficit, excluding precious metals, widened by ?14.9 billion to ?25.2 billion in Quarter 1 (Jan to Mar) 2022. The trade in goods deficit, excluding precious metals, widened by ?19.6 billion to ?62.2 billion in Quarter 1 2022, as imports of goods increased by ?19.3 billion (15.2%) and exports decreased by ?0.3 billion (0.3%). Total imports of goods have increased substantially in Quarter 1 2022 and are an important contributor to UK GDP statistics this quarter, however, there are some additional levels of uncertainty on these trade flows because of recent data collection changes. The trade in services surplus increased by ?4.7 billion in Quarter 1 2022 to ?37.0 billion. Powered by Commodity Insights