The UK visible trade deficit narrowed to an 11-month low in May, the Office for National Statistics reported Friday.
The trade in goods resulted in a shortfall of GBP 8.48 billion in May compared to a GBP 10.95 billion deficit in the previous month. This was the lowest shortfall since June 2020 and also smaller than the expected level of -GBP 11.1 billion.
Exports of goods grew at a faster pace of 7.1 percent in May, while imports dropped 1.4 percent from the previous month.
At the same time, the surplus on services trade remained broadly unchanged at GBP 9.4 billion in May, data showed.
As a result, the total balance showed a surplus of GBP 884 million versus a deficit of GBP 1.59 billion in April.
The visible trade deficit with EU countries declined to GBP 4.28 billion in May and the shortfall with non-EU countries narrowed to GBP 4.19 billion.