UK's Yawning Trade Gap Widens Further in May

Britain's goods trade deficit widened further in May, according to the Office for National Statistics.

The UK's goods trade shortfall reached £9.2bn ($15.7bn, €11.5bn,) up from £8.8bn in April, said the ONS.

While Britain's surplus in the services trade helped to limit the in the total trade deficit, the overall shortfall reached £2.42bn in May, up from £2.05bn in April.

The British government has sought to boost the country's exporters but Westminster's lofty rhetoric has been greeted with low demand in the Eurozone, leading to the yawning trade deficit.

The European Union remains one of Britain's key trading partners but British exports to the EU dropped slightly in May. The strength of sterling is also a cause for concern among British exporters, as the pound's high value makes British exports less competitive overseas.

Higher imports of aircraft were another factor behind the shortfall, as Britain upped its spending on aircraft by more than £400m to around £1.2bn in May.

Meanwhile, the goods trade deficit with non-EU countries reached £3.96bn, up from £3.88bn in April and half a billion pounds more than forecasts predicted, as spending on imports increased faster than exports.