Latest data released by ONS – 10 July 2019
- Prior -£12.1 billion; revised to -£12.8 billion
- Non-EU trade balance -£4.9 billion vs -£4.8 billion expected
- Prior -£4.6 billion; revised to -£5.3 billion
The goods trade deficit narrows slightly in the month of May as exports rose by 3.5% on the month amid a slump in imports by 0.6% on the month. The recovery in exports comes after a abysmal reading in April and the ongoing weakness in imports continues to highlight softer domestic demand after the Brexit stockpiling seen in Q1.
There isn’t anything here to suggest much optimism surrounding the UK economy in Q2 to say the least.