UK August trade data also just out 10 Oct
- GBP -12.289bln prev revised down from -11.576bln
- trade balance non-EU GBP -5.835bln vs -3.6bln exp vs -5.345bln prev revised down from -3.842bln
- trade balance GBP -5.62bln vs -2.8bln exp vs -4.238bln prev revised down from -2.872bln
Another awfully soggy trade report with a rise in GBP over the period helping our net economy of importers but not doing a lot to aid our beleaguered exporters.
Offsetting some of the positives from better ind & mftg production data and GBPUSD caps at ? Yep 1.3200. Don't say you weren't warned !
Currently 1.3182 with EURGBP 0.8933 from another test of 0.8925 area.
Says the ONS:
Between the three months to May 2017 and the three months to August 2017, the total UK trade (goods and services) excluding erratic commodities deficit widened by £2.9 billion to £10.8 billion.
Between the three months to May 2017 and the three months to August 2017, the total UK trade (goods and services) deficit widened by £6.2 billion to £13.2 billion; this was largely due to a switch from a surplus to a deficit on the balance of erratic commodities, such as non-monetary gold, that can have large effects on headline movements and make it difficult to discern underlying trends so users are advised to put more emphasis on the UK trade excluding erratic commodities balance.
Between the three months to May 2017 and the three months to August 2017, total trade in goods exports fell due to decreased exports to non-EU countries, partially offset by increased exports to other EU countries.
Trade in goods export volumes excluding oil and erratics fell, while trade in goods import volumes excluding oil and erratics rose, over the three months to August 2017.
The total trade deficit (goods and services) excluding erratic commodities widened by £1.7 billion to £4.6 billion between July and August 2017.
Full report here
UK visible trade deficit mm