The UK goods trade deficit narrowed to -£21.7 billion in May, up from -£22.4 billion in April as rising exports outpaced an increase in imports.

• Goods imports rose 1.2% MoM in May to £50.1B, while goods exports also rose 2.2% MoM to £29.1B; the goods trade deficit was flat at -£21.0B.
• In chained volume terms, goods imports rose 2.2% MoM and goods exports rose 3.1% MoM.
• Goods exports to the U.S. rose £0.3B MoM, driven by chemical shipments, while goods imports from the U.S. fell -£0.9B MoM due to weaker fuel and machinery imports.
• Over the 3 months to May, goods imports increased £4.1B (+2.8%) and goods exports fell -£2.0B (-2.2%); services imports rose £2.3B (+2.7%) and services exports increased £1.7B (+1.2%).
• The trade in goods deficit widened to -£61.0B over the period, while the services surplus narrowed to £47.8B.