According to the latest figures from the Office for National Statistics (ONS), the value of goods exports increased by £0.6 billion (2.2%) in May 2025, with an increase in exports to both EU and non-EU countries.
Following a substantial decrease in April, exports of goods to the United States, including precious metals, rose by £0.3 billion in May but remain relatively low and down on the position two years or even just six months ago.
The trade in goods deficit widened by £6.1 billion to £61.0 billion in the three months to May 2025, while the trade in services surplus is estimated to have narrowed by £0.6 billion to £47.8 billion.
The month under review saw a 4.2% increase in exports to the EU, mainly because of increases in sales of fuels, machinery, transport equipment and other manufactured goods. The rest of the world saw growth of 1.9%, month on month, mainly driven by higher chemicals exports.
Noting that the initial impact of higher US tariffs has begun to subside, British Chambers of Commerce (BCC) Head of Trade Policy, William Bain, said: “More predictable tariff and trading conditions are key to providing our businesses with certainty. Further implementation of the UK-US deal would enhance those prospects, together with successful negotiations with the EU, and stronger export performance in the Indo-Pacific region.”
He highlighted the opportunities presented by enhanced trade with the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) states and by ratification of the trade deal with India.
The latest ONS report on trade can be found here.
