UK Trade Deficit Narrows in July


The UK’s deficit on trade in goods and services was £4.6 billion in July, compared with the revised deficit of £5.0 billion in June.

The surplus on trade in services was £3.1 billion, compared with the surplus of £3.0 billion in June.

The deficit on trade in goods was £7.7 billion, compared with the revised deficit of £8.0 billion in June (which was originally published as a deficit of £7.7 billion). Exports rose by £0.7 billion and imports rose by £0.4 billion.

The deficit with the EU was £2.9 billion in July, compared with a deficit of £3.2 billion in June. Exports rose by less than £0.1 billion and imports fell by £0.2 billion. There was a rise in exports of chemicals. There were falls in imports of fuels other than oil, and intermediate goods.

The deficit with non-EU countries narrowed slightly to £4.7 billion compared with the deficit of £4.8 billion in June. Exports and imports both rose by £0.6 billion. There were rises in exports of ships, and cars, but a fall in exports of oil. There were rises in imports of oil, and fuels other than oil.

Excluding oil and erratic items, the volume of exports was two and a half per cent higher in July than in June and the volume of imports was a half per cent higher.

Export prices were a half per cent higher than in June and import prices were virtually unchanged.


Office for National Statistics
9/15/2008 8:05:01 AM