UK’s Trade Deficit with EU Jumps to Record High Ahead of Brexit Vote

The UK’s overall trade deficit fell to £3.8bn in March

by Peter Spence, Economics Correspondent

The UK’s goods trade deficit with the EU has risen to a record high as the country approaches a crucial vote on its membership of the bloc.

The gap – the amount by which goods imported from the EU exceeds goods exported to it – increased to £8.1bn in March, the highest level ever recorded.

Rising imports caused the gap to widen by £16m compared with the previous month, prompted mainly by increased purchases of works of art. Exports of goods to the EU were unchanged.

Meanwhile, the UK’s overall trade deficit – with EU and non-EU trading partners – shrunk by £0.5bn to £3.8bn in March.

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