Economic Buzz: UK trade deficit at ?7 billion in three months to March

The United Kingdom's trade deficit in goods and services widened by ?4.5 billion on a quarterly basis to reach ?7 billion in the three months to March, the Office for National Statistics (ONS) revealed in its report released on Thursday.

The good imports increased by ?1.1 billion, or 2.1%, in the reported quarter, mainly due to higher imports from both the European Union and non-EU countries. Meanwhile, exports rose by ?0.6 billion, or 1.9%, in March, driven by higher shipments to the EU.

The trade in goods deficit increased by ?3.8 billion to ?59.3 billion in the reported three-month period, while the trade in services surplus decreased by ?0.7 billion compared to the previous quarter to stand at ?52.3 billion.

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