According to the Office for National Statistics, UK goods exports to the US saw a significant drop of £2 billion ($2.71 billion) in April, marking the largest monthly decline since records began in 1997. This decrease resulted in the lowest export value since February 2022, with the ONS attributing the shift to the implementation of tariffs on goods imported to the United States.
Conversely, US imports to the UK also experienced a decline of £400 million during the same month. Despite the announcement of a trade deal between the two countries at the beginning of May, the agreement still enforced 10% blanket tariffs on British goods sent to the US. Additionally, 25% duties on steel, aluminum, and autos have yet to be fully implemented.
Overall, the UK's trade deficit in goods increased by £4.4 billion to £60 billion in the three months leading up to April. Meanwhile, the country's trade surplus in services decreased by £500 million to £48.5 billion.
Source: CNBC
