U.K. Trade Deficit Narrows in July 2012


The United Kingdom's deficit in Trade in Goods and Services narrowed to £1.5 billion in July, down from £4.3 billion in June.

The United Kingdom’s deficit in Trade in Goods narrowed to £7.1 billion in July, down from £10.1 billion in June, the Office for National Statistics said on September 11th. Exports of goods increased by £2.2 billion (9.3 per cent), from £23.6 billion in June to £25.8 billion in July. Imports of goods fell by £0.7 billion (2.1 per cent), from £33.6 billion in June to £32.9 billion in July.

The trade in goods with EU countries showed a shortfall of £4.3 billion compared to a £5 billion deficit in June. Likewise, the deficit with non-EU nations narrowed to £2.9 billion from £5.1 billion.

The UK’s non-EU exports have increased by £2.0 billion (17.3 per cent) compared to June 2012, to £13.5 billion. Compared to July 2011, exports have increased by £1.9 billion (16.1 per cent). On the other hand, UK’s non-EU imports have decreased by £0.7 billion (4.1 per cent) compared to June 2012, to £16.0 billion. Compared to July 2011, imports have decreased by £0.6 billion (3.8 per cent).

The increase in total exports of goods was driven by higher exports of oil (up to £0.8 billion), semi manufactured goods other than chemicals (up £0.2 billion), chemicals (up £0.3 billion) and consumer goods other than cars (up £0.3 billion).

The decrease in total imports of goods was driven by lower imports of semi manufactured goods other than chemicals (down £0.4 billion), consumers goods other than cars (down £0.3 billion), chemicals (down £0.3 billion) and oil (down £0.2 billion).


TradingEconomics.com, ONS
9/11/2012 11:40:14 AM