Exports to EU slide but UK deficit down
17 May 2012
Exports from the UK were up in March, official data showed yesterday, with UK's trade with non-EU countries booming.
The trade deficit in goods and services shrunk to £2.7 billion in the month, lower than £2.9 billion in February, according to the Office for National Statistics (ONS).
Services exports rose £0.2 billion to £15.5 billion while imports held at £9.6 billion, leaving a surplus of £5.8 billion.
Meanwhile goods exports were up £1.4 billion, or 5.8 per cent, to £26.4 billion and imports increased from £1.4 billion, or 4.2 per cent, to £34.9 billion, leaving a deficit unchanged at £8.6 billion.
However, the goods deficit with EU countries increased with imports increasing £0.8 billion to £17.6 billion as exports stagnated at £13.2 billion in the month.
The overall fall in the trade deficit came from trade outside the EU, with goods exports increasing 12.1 per cent to £13.2 billion and imports up by 4 per cent to £17.3 billion.
