FXStreet (Mumbai) – As per the UK Office for National Statistics (ONS) data released on Friday showed the trade deficit narrowed to almost two-year low as imports fell, while the exports to the Eurozone climbed.

The goods trade deficit narrowed to GBP 8 billion from GBP 9.4 billion in April. The economists were expecting the trade deficit at GBP 9.7 billions. Exports fell 0.1% and imports declined 4.1%. The total trade deficit fell to GBP 393 billion – lowest since June 2013 on account of the surplus on services of GBP 7.6 billion in May.

The figures suggest the trade deficit may not act as a drag on the GDP in the second quarter as it did in the first quarter.

As per the UK Office for National Statistics (ONS) data released on Friday showed the trade deficit narrowed to almost two-year low as imports fell, while the exports to the Eurozone climbed.

(Market News Provided by FXstreet)

By FXOpen