UK Trade Deficit Narrows in March
(MENAFN) In March, the United Kingdom experienced a trade shortfall of EURO18.9 billion (USD25.1 billion), reflecting a slight decrease of EURO0.6 billion from February, according to figures released by the Office for National Statistics on Thursday.
This figure was slightly below the EURO19.1 billion shortfall that analysts had predicted.
The nation’s overseas sales of goods amounted to EURO31.1 billion in March, showing a 0.8 percent increase compared to the previous month.
In contrast, imports of goods declined by 0.7 percent to reach EURO50 billion during the same timeframe, as per the statistics office.
Trade activity with European Union nations saw exports reaching EURO14.3 billion, representing a 1.6 percent increase in March.
Imports from the EU also grew, climbing 0.9 percent to EURO26.4 billion. This led to a trade gap of EURO12.1 billion with EU countries.
With regard to trade outside the EU, the deficit was recorded at EURO6.8 billion.
Exports to non-EU nations edged up by 0.1 percent, amounting to EURO16.8 billion, whereas imports declined by 2.5 percent to EURO23.6 billion.
Commerce with the United States was particularly notable, with exports increasing by EURO2.4 billion in March — marking the fourth consecutive month of growth.
At the same time, imports from the U.S. rose by EURO1.3 billion.
Looking at the broader three-month period ending in March, the UK’s overall trade shortfall contracted by EURO3.6 billion compared to the prior quarter, resulting in a total deficit of EURO6.6 billion.
“The trade in goods deficit narrowed by £4.3 billion to £55.2 billion in Quarter 1 2025, while the trade in services surplus is estimated to have narrowed by around £0.7 billion to £48.6 billion,” the report stated.
During the first quarter of the year, the value of goods exports rose 7.3 percent from the previous quarter, reaching EURO92.7 billion.
Simultaneously, imports increased modestly by 1.4 percent, totaling EURO147.9 billion.
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