British trade deficit widens in May: data

10th July 2014, Comments 0 comments

Britain's trade deficit for goods grew in May on the back of unusually high aircraft imports, official data showed Thursday.

The deficit rose to £9.2 billion ($15.7 billion, 11.5 billion euros) in May, the Office for National Statistics said in a statement. That compared with a deficit of £8.8 billion in April.

Economists polled by Dow Jones Newswires had forecast a smaller deficit of £8.9 billion.

The bigger-than-expected increase in the goods deficit was due mainly to aircraft imports.

The ONS added that £1.2 billion worth of aircraft was imported into the country in May, up from £800 million in April.

"The trade deficit was lifted in May by a jump in aircraft imports, which are notoriously volatile," noted IHS Global Insight economist Howard Archer.

© 2014 AFP

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