UK's trade deficit in goods and services narrowed by £0.3 billion to £10.1 billion in the three months to April 2024, the Office for National Statistics reported on Wednesday. However, April saw a notable increase in the value of goods imports, rising by £3.7 billion or 8.2%, driven by machinery, transport equipment, and fuels.
Goods imports from non-EU countries surged by £1.9 billion, while imports from the EU rose by £1.8 billion. Despite stable overall goods exports, exports to the EU slightly decreased by £0.1 billion, offset by a similar increase in exports to non-EU countries.
The three-month period also saw a slight increase in total imports by £0.4 billion and exports by £0.8 billion. The rise in imports was primarily due to a significant increase in fuel imports from non-EU countries, particularly refined oil from India and crude oil from the United States.
