Question

To ask Her Majesty’s Government what assessment they have made of the Office for National Statistics’ calculation that the United Kingdom trade deficit widened in May, compared with April.

Between April and May 2014, the Office of National Statistics have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn¹ increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.

Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.

Between April and May 2014, the ONS have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn¹ increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.

Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.

1 The £0.4bn increase is higher than the difference between the two deficits due to rounding.