According to new data from the Office for National Statistics (ONS), goods exports to the EU from the UK reached a record high of £16.9 billion in May. This is the highest level of goods exports from the UK to the EU since 1997 with the data showing an increase of exports by £2.3 billion in May.
Such an increase might increase confidence in the UK economy in the months to come as the country struggles with rising inflation and a falling currency compared to the dollar. Even with the impact of inflation removed from the data, UK exports were still at the highest level since December 2020, suggesting a continued demand in British exports in the months to come.
'Try to stay at home if you feel unwell': NHS advice to halt rising Covid cases changed.
Cases in the UK have risen to over 3.5 million now, official figures show. The government is now pushing for a fourth jab roll-out as new variants BA.4 and BA.5 are increasing public concern.
Rising cases will mean a significant part of the UK workforce will be forced to take time off from work and therefore will affect industries where work from home cannot be supported such as manufacturing, industry, and transportation.
The UK economy defied expectations and grew 0.5% monthly in May, while industrial production strengthened and the nation's trade deficit narrowed, official figures showed on Wednesday.
On an annual basis, imports have showed to be up 19% and exports up 9.4% from the year before.
Trends on costs of raw materials: