The UK trade deficit in the first half of this year reached its highest level as a percentage of GDP since records began in the mid-1950s.
Soaring oil and gas prices around the world weighed on the UK’s trade balance for the first two quarters of 2022 and is expected to push the country further into the red later this year.
The trade deficit, which is the value of exports minus the value of imports, widened more-than-analysts had expected to stand at £11.4 billion in June, up from £9.1 billion in May, according to the Office for National Statistics. Economists polled by Reuters had expected an increase to £10.2 billion. The value of the deficit was close
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