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July 11, 2024UK TRADE BALANCE, MAY 2024 
Month-over-month (May 2024 vs April 2024, seasonally adjusted)
The United Kingdom (UK) goods and services trade deficit narrowed by £1.5 billion to £4.9 billion. Exports of goods and services decreased 0.9% (£0.6 billion) to £69.8 billion while imports of goods and services were down 2.8% (£2.2 billion) to £74.7 billion.
The UK goods trade deficit narrowed by £1.5 billion to £29.6 billion. Exports of goods from the UK decreased 2.5% (£0.8 billion) to £17.9 billion. Imports of goods to the UK declined 4.6% (£2.3 billion) to £47.5 billion. The UK services trade surplus was unchanged at £13.0 billion. Exports of services from the UK increased 0.3% (£0.1 billion) to £40.3 billion while imports of services to the UK increased 0.4% (£0.1 billion) to £27.2 billion.
The UK goods trade deficit with the European Union (EU) narrowed by £1.4 billion to £11.1 billion. Exports of goods from the UK to the EU decreased by 3.3% (£0.5 billion) to £14.1 billion while imports of goods from the EU to the UK decreased by 7.0% (£1.9 billion) to £25.1 billion. The UK trade deficit with countries outside the EU narrowed by £0.1 billion to £6.9 billion. Exports from the UK to countries outside the EU were down 1.8% (£0.3 billion) while imports to the UK from non-EU countries declined 1.7% (£0.4 billion) to £22.4 billion.
Year-over-year (May 2024 vs May 2023)
The UK goods and services trade deficit narroweded by £0.4 billion. The goods deficit narrowed by £0.3 billion while the services surplus expanded by £0.1 billion. Goods exports were down 10.1% year-over-year (-£3.3 billion) while goods imports were down 7.1% (-£3.6 billion). Services exports were up 3.0% (+£1.2 billion) while services imports were up 4.1% (+£1.1 billion).
Compared with May 2023, the UK goods trade deficit with the EU narrowed by £0.9 billion (exports -7.3% or -£1.1 billion, imports -7.5% or -£2.0 billion). The UK goods trade deficit with non EU countries widened by £0.6 billion (exports -12.4% or -£2.2 billion, imports -6.7% or -£1.6 billion).
Source: UK Office for National Statistics: Press release | UK trade time series
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