The UK’s deficit on trade in goods and services was £4.4 billion in June, compared with the revised deficit of £4.1 billion in May (originally published as a deficit of £4.2 billion).
The surplus on trade in services was £3.3 billion, virtually the same as the surplus in May.
The deficit on trade in goods was £7.7 billion, compared with the revised deficit of £7.4 billion in May (which was originally published as a deficit of £7.5 billion). Exports rose by £0.9 billion and imports rose by £1.2 billion.
The deficit with the EU was £2.9 billion in June, compared with a deficit of £3.4 billion in May. Exports rose by £0.8 billion and imports rose by £0.4 billion. There were rises in exports of chemicals, and oil. There were rises in imports of aircraft, and fuels other than oil.
The deficit with non-EU countries widened to £4.7 billion compared with the deficit of £4.0 billion in May. Exports rose by less than £0.1 billion but imports rose by £0.8 billion. There was a rise in exports of oil but falls in exports of semi-manufactured goods other than chemicals, and capital goods. There were rises in imports of oil, and consumer goods other than cars.
Excluding oil and erratic items, the volume of exports was one and a half per cent higher in June than in May and the volume of imports was a half per cent higher.
Export prices were one and a half per cent higher and import prices were one per cent higher than in May.
Notes: 'Originally published' figures relate to routine revisions which are part of the normal compilation process for trade data.
Missing Trader Intra-community (MTIC) VAT fraud, also known as 'carousel fraud', involves the repeated import and export of small, high value goods such as computer chips and mobile phones. Companies obtain VAT registration to acquire goods from other Member States without paying VAT. They then sell on the goods at VAT inclusive prices. But the VAT that their customers have already paid is not handed over to the tax authorities.
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UK Trade Press Release