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    Home » British Trade Deficit Widens in Q1, Its Largest Deficit Since 1955
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    British Trade Deficit Widens in Q1, Its Largest Deficit Since 1955

    May 12, 20221 Min Read
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    UK’s trade deficit also widened in Q1 to its largest figure since records started in 1955 as exports dropped as imports surged.

    • Total imports of goods rose by 9.3% in March 2022 due to a 9.9% increase in imports from non-EU countries as imports from EU countries rose by 8.6%.
    • Total exports of goods rose by 2.1% in March, attributable to a 2.6% increase in exports to non-EU countries as exports to EU countries rose by 1.7%.
    • The British trade deficit for goods and services widened to a record 5.3% of nominal GDP in Q1, the largest gap on record as imports jumped 9.3%, largely due to higher energy prices as exports declined 4.9%.

    The fall in exports was broad-based with decreases in machinery, cars, and fuels as well as financial and business services.

    FTSE 100 down -2.15%, GBP USD down -0.42%

    Source: Office for National Statistics

     

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