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UK DATA
UK DATA: Q1 Trade Gap Balloons, subtracts 2.16pp from GDP
- UK Q1 total trade deficit Stg18.337bn vs Stg9.438bn Q4  
- UK Q1 goods trade deficit Stg43.345bn vs Stg36.919bn Q4  
- UK March deficit Stg5.408bn vs Stg6.219bn Feb
- UK March goods deficit Stg13.650bn vs Stg14.434 bn Feb
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The trade deficit rose dramatically in Q1, with exports slumping by 
0.8% and imports surging by 4.4%, the biggest rise in percentage terms 
since the third quarter of 2016. ONS officials were unable to confirm 
whether the leap in imports was related to stockpiling ahead of the 
original date to leave the European Union on March 31st. Net trade 
subtracted more than 2 percentage points from total Q1 GDP growth of 
0.5%, the biggest drag since the series began.