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U.K. goods trade deficit widens to £9.4 billion in May

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Investing.com -

Investing.com - The U.K.'s goods trade deficit widened more than expected in May, official data showed on Thursday.

In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted £9.2 billion in May from a deficit of £8.81 billion in April. Economists had expected the goods trade deficit to narrow to £8.75 billion.

Seasonally adjusted, the U.K.'s deficit on trade in goods and services was estimated to have been £2.4 billion in May, compared with £2.1 billion in April.

There was a deficit of £9.2 billion on goods, partly offset by an estimated surplus of £6.8 billion on services.

In May 2014 exports of goods increased by £0.1 billion to £24.1 billion and imports of goods increased by £0.5 billion to £33.3 billion resulting in a widening of the goods deficit by £0.4 billion. The increase in imports of goods was attributed to aircraft.

U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.

Following the release of the data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.22% to trade at 1.7121.

Meanwhile, European stock markets edged lower. London's FTSE 100 inched down 0.15%, the DJ Euro Stoxx 50 dipped 0.75%, France's CAC 40 slumped 0.6%, while Germany's DAX declined 0.55%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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