UK June Trade in Record Surplus As Brexit...>

UK DATA: UK June Trade in Record Surplus As Brexit Distortions Unwind 

- UK June net trade Stg1.779bn vs -Stg2.002 Q1

- UK Q2 deficit Stg4.272bn vs Stg20.267bn Q1, adds 3.5pp to GDP

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The UK recorded its largest-ever trade surplus in June, leaving 

trade to add a record-high boost to GDP in Q2, reversing Q1's net 3pp 

net negative. Over the second quarter, imports plunged by 10.6%, 

reversing a 7.2% rise in Q1, an increase related to frontloading of 

shipments ahead of the original Brexit date in late March. Excluding 

unspecified items, mostly trade in non-monetary gold, trade recorded a 

deficit of Stg600m in June, the smallest since February of 2018. The 

non-EU shortfall slipped to Stg186m, the lowest on record.