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Free AccessMNI DATA ANALYSIS: May Trade Gap Falls; Could Lift Q@ GDP>
-UK May Total Deficit Stg2.790bn vs Stg3.087bn in April
By Laurie Laird and Jamie Satchithanantham
London (MNI) - The UK trade gap narrowed in May, lifted by
increased exports of oil and transport equipment, leaving net trade on
track to support gross domestic product in the second quarter.
The shortfall fell to Stg2.790 billion in May, but still exceeded
the MNI median forecast of Stg2.3 billion, following a deficit of
Stg3.087 billion a month earlier. The April deficit was revised lower
from the Stg5.280 billion reported in early June.
Total exports rose by 2.8% to Stg51.846 billion in May, while
imports increased by 2.1% to Stg54.636 billion.
For the first time, the Office for National Statistics has provided
price-adjusted trade data, which are aligned with the figures used to
calculate GDP. On this chained-volume measure, the shortfall narrowed to
Stg1.988 billion in May, from Stg2.865 billion in April.
In the absence of revisions, the deficit must fall further to
Stg1.679 billion in June to leave the second quarter shortfall on
level-pegging with the trade gap over the first three months of the
year.
The current-price deficit in goods narrowed only slightly to
Stg12.362 billion in May, from Stg12.396 billion gap in April.
Total goods exports rose by 4.1% to Stg28.071 billion in May, while
imports increased by 2.7% to Stg40.433 billion.
The trade gap in goods with the 27 other nations of the European
Union rose to Stg8.871 billion in May from Stg8.061 billion in April.
The non-EU trade gap narrowed to Stg3.491 billion in May,
from Stg4.335 billion the previous month, courtesy of a 7.7% rise in
exports of machinery and transport equipment.
-London bureau: 44 (0) 203 865 3812; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MABDS$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.