UK July trade balance data 8 Sept

  • GBP -11.527bln prev revised up from -12.722bln
  • biggest deficit since March
  • trade balance non-EU GBP -3.842bln vs -3.934bln prev revised up from -4.564bln
  • trade balance GBP -2.872bln vs -3.25bln exp vs -2.914bln revised up from -4.564bln

Better than expected but all relative.

ONS says:

  • Q2 net trade less negative than previously thought but will not effect previously published GDP estimate
  • exports of goods to EU increased in July but offset by falling goods exports to rest of world

Best get those non-EU trade deals sorted asap, Ah right, we can't til we leave the EU.

  • Between the 3 months to April 2017 and the 3 months to July 2017, the total UK trade (goods and services) deficit widened by £0.4 billion to £8.6 billion, due to a widening of the trade in goods deficit with non-EU countries, in turn primarily due to decreased exports and increased imports of finished manufactured goods.

  • Between the 3 months to April 2017 and the 3 months to July 2017, the trade in goods deficit with non-EU countries widened by £2.4 billion; this impact was partially offset by a narrowing of the trade in goods deficit with EU countries by £1.3 billion and a widening of the trade in services surplus by £0.7 billion.

  • Export and import prices of goods fell over the 3 months to July 2017 contributing to a more modest increase in trade in goods export and import values compared with a larger increase in goods export and import volumes.

Full report from ONS here

GBPUSD 1.3140 and EURGBP 0.9165 both pausing for thought.