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.
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Source: Office for National Statistics