The United Kingdom’s trade deficit narrowed sharply to £1.04 billion in May 2026, from a downwardly revised £7.05 billion in April. This marked the smallest trade gap since January, when the country recorded a trade surplus.
Exports increased by 2.8% month-on-month to £82.91 billion, while imports fell 4.3% to a four‑month low of £83.96 billion.
Goods exports rose 7.0% to £35.86 billion, supported by higher shipments to both EU and non‑EU markets. Exports to the EU increased 1.8%, driven by a £0.4 billion rise spread across several commodity groups. Exports to non‑EU countries were up 7.3%, largely reflecting stronger chemical exports. Services exports inched up 0.1% to £47.06 billion.
On the import side, goods imports declined 6.2% to a four‑month low of £54.52 billion. Imports from EU countries fell 1.2%, mainly reflecting lower shipments of machinery and transport equipment. In contrast, imports from non‑EU countries rose 3.2%. Services imports decreased 0.5% to £29.44 billion.
