Investing.com - The U.K.’s goods trade deficit widened broadly in line with market expectations in May, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.49 billion in May from a deficit of GBP8.43 billion in April.
Economists had expected the goods trade deficit to widen to GBP8.47 billion in May.
Seasonally adjusted, the U.K.’s deficit on trade in goods and services was estimated to have been GBP2.4 billion in May, compared with a deficit of GBP2.1 billion in April.
U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.29% to trade at 1.4909.
Meanwhile, European stock markets were higher. London’s FTSE 100 rose 1.2%, the EURO STOXX 50 climbed 0.8%, France’s CAC 40 added 0.7%, while Germany's DAX advanced 1.1%.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.49 billion in May from a deficit of GBP8.43 billion in April.
Economists had expected the goods trade deficit to widen to GBP8.47 billion in May.
Seasonally adjusted, the U.K.’s deficit on trade in goods and services was estimated to have been GBP2.4 billion in May, compared with a deficit of GBP2.1 billion in April.
U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.29% to trade at 1.4909.
Meanwhile, European stock markets were higher. London’s FTSE 100 rose 1.2%, the EURO STOXX 50 climbed 0.8%, France’s CAC 40 added 0.7%, while Germany's DAX advanced 1.1%.