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Overall levels of trade between the UK and the European Union rose to record highs in May, data released Wednesday showed, but the increase was skewed by trade between the two regions in imported natural gas, the the Office for National Statistics told MNI Wednesday.

Volume rose through the UK's regassing and pipeline infrastructure as it channelled international supplies to the continent, and soaring prices boosted transaction values for both gas imports and exports, the ONS noted.

The UK has limited gas storage resources, compared to mainland Europe, and while it is second only to Spain for imports of LNG, most of it is then re-exported. The unit price of gas has risen more than four-fold in recent months.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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