British official trade deficit worsens in May

12th July 2011, Comments 0 comments

Britain's trade-in-goods deficit widened in May from the level in April, official data showed on Tuesday.

The deficit grew to £8.5 billion ($13.5 billion, 9.6 billion euros) in May, the Office for National Statistics (ONS) said in a statement.

It stood at an upwardly-revised £7.6 billion in April, while analysts had forecast a deficit of £7.2 billion in May according to a survey by Dow Jones Newswires.

Total exports rose by 4.2 percent and imports increased by 5.8 percent in May, the ONS added.

However, car exports plunged by almost ten percent, as British-based car manufacturers were unable to source vital components from Japan, which was ravaged by a devastating earthquake and tsunami in March.

© 2011 AFP

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