UK Trade Deficit Widens by £14.9B to a Record Level in the First Quarter

Source: Office for National Statistics

The trade in goods and services deficit, excluding precious metals, in the UK reached a record 25.2 billion pounds in the first quarter of 2022. The deficit was wider by 14.9 billion pounds. FTSE 100 is down -2.56%, GBPUSD is down -0.34%.

• The record trade deficit reflected a higher level of imports to the country. In March, imports of goods rose by 9.3% or 4.4 billion pounds, compared to a smaller 2.1% or 0.6 billion pounds rise in exports.
• The trade in goods deficit increased by 19.6 billion pounds to hit 62.2 billion pounds, reflecting a 15.2% or 19.3 billion pounds jump in goods imports. Exports fell by 0.3% or 0.3 billion pounds. 
• The trade in services surplus saw an increase of 4.7 billion pounds in the quarter to 37.0 billion pounds.