10.07.201806:16:00UTC+00UK Visible Trade Deficit Narrows In May

The UK visible trade deficit narrowed slightly in May, the Office for National Statistics reported Tuesday.

The trade in goods showed a shortfall of GBP 12.36 billion in May, down from GBP 12.40 billion in April. The expected deficit was GBP 12.0 billion.

In the same period of 2017, the shortfall was GBP 11.4 billion.

Both exports and imports climbed by 4.1 percent and 2.7 percent, respectively in May from a month ago.

The total trade deficit also narrowed to GBP 2.79 billion in May from GBP 3.09 billion in the preceding moth.

In three months to May, the trade deficit including goods and services rose to GBP 8.3 billion from GBP 3.3 billion in three months to February.

"The UK's underlying trade deficit widened in the 3 months to May as exports of cars fell," Rob Kent-Smith, Head of National Accounts at ONS, said.