UK trade deficit widens in May-July ’24

The UK’s trade deficit widened significantly in the three months to July 2024, with the total goods and services trade deficit expanding by £5.5 billion to £14.6 billion.

This increase was primarily driven by a rise in goods imports, which decreased by £1.5 billion (3.0 per cent) in the three months, with reductions from both EU and non-EU countries.

Simultaneously, goods exports fell by £3.4 billion (10.8 per cent), largely due to a significant drop in chemical exports to both regions, following a substantial rise the previous month.

The trade in goods deficit widened by £5.9 billion to £53.5 billion, while the trade in services surplus grew by £0.3 billion to £38.9 billion.