Economic Buzz: UK Trade Deficit Widened In Q2

12 Aug 2022 , 03:48 PM

Total imports of goods, excluding precious metals, decreased by ?0.6 billion (1.1%) in June 2022 because of a ?1.1 billion (4.1%) fall in imports from EU countries, while imports from non-EU countries increased by ?0.6 billion (2.1%). Total exports of goods, excluding precious metals, fell by ?2.7 billion (8.0%) in June 2022, driven by a ?2.0 billion (11.9%) decrease in exports to non-EU countries, while exports to EU countries decreased by ?0.7 billion (3.9%). The large fall in exports to non-EU countries in June 2022 was primarily driven by lower exports of miscellaneous manufactures and chemicals, which both decreased by ?0.7 billion. The total trade in goods and services deficit, excluding precious metals, widened by ?2.0 billion to ?27.9 billion in Quarter 2 (Apr to June) 2022 compared with the previous quarter; this is the largest quarterly deficit in current prices since records began in January 1997. Removing the effect of inflation, the total trade deficit excluding precious metals narrowed by ?2.4 billion to ?22.6 billion in Quarter 2 2022.Powered by Commodity Insights