UK Trade Deficit Doubles in July



In July, UK's seasonally adjusted deficit on trade in goods and services was estimated to have been £3.1 billion, compared with a gap of £1.3 billion in June. The deficit of £9.9 billion on goods was partly offset by an estimated surplus of £6.8 billion on services.

Exports of goods to countries outside of the EU decreased £2.2 billion to £11.8 billion while sales to countries within the EU increased by £0.2 billion over the same period to £13.0 billion. Shipments of all commodities except fuel fell. The most significant decrease was exports of finished manufactures. Within finished manufactures, machinery and transport equipment to countries outside the EU proved to be the main contributor. Exports of fuel saw an increase due to trade in oil within the European Union.

Imports of manufactured goods fell by £0.5 billion in July 2013 from June. The overall decrease in imports was partially offset by an increase in imports of fuel. Evidence suggests that there was a rise in imports of oil from countries outside the EU, specifically Norway, Algeria and Russia.

UK Trade Deficit Doubles in July


ONS | Nuno Fontes | nuno@tradingeconomics.com
9/6/2013 9:39:40 AM