UK DATA: Aug global goods deficit Stg8.227bn vs Stg8.675bn in Jul
–Aug global goods/services deficit Stg4.643bn vs Stg4.991bn in Jul
–Aug global goods deficit ex oil/erratics Stg7.046bn vs Stg7.493bn Jul
–Aug global goods deficit median forecast Stg8bn; total Stg4.1bn
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The global goods trade deficit narrowed in Aug but was a little above
the median forecast. There was a 1.8% fall in the value of exports,
while imports were down 2.7% which may raise concerns that overall
economic growth is weakening. There was a particularly sharp fall in
exports to non-EU countries of 4.9% m/m, coupled with a 3.5% m/m drop in
imports. Overall the data are very erratic and too much shouldn’t be
read into one month of data.