-Jul Global Goods Trade Deficit Stg7.149bn vs Stg10.068bn Jun
-Jul Total Trade Deficit Stg1.517bn vs Stg4.333bn Jun
LONDON (MNI) – The UK’s trade deficit narrowed sharply in July as
exports bounced back strongly following a large drop in June due to the
Jubilee, figures from National Statistics revealed Tuesday.
The extent of the bounceback suggests the June data were not as
poor as many feared, and opens the possibility that the external sector
could add to GDP in the third quarter.
The global trade in goods deficit narrowed to Stg7.149 billion in
July from Stg10.068 billion in June. This was below the median for a
shortfall of Stg9.1 billion and the lowest since February 2011.
Exports rocketed 9.3% on the month, following a 9% decline in the
previous month. Part of this was due to a surge in oil exports of 28.8%
as well as a boost from exports of Diamonds, although excluding oil and
erratic items the trade deficit narrowed to Stg6.725 billion from
Stg8.433 billion, the lowest since December 2009.
The overall deficit in goods and services narrowed sharply to
Stg1.517 billion in July from Stg4.333 billion in June, the lowest since
December 2011.
The narrowing in the trade deficit was mainly due to a decline in
the shortfall in trade with non-EU countries from Stg5.077 billion in
June to Stg2.877 billion, the lowest since October 2005. The value of
exports surged 11% while imports fell 5.3%.
The deficit with EU countries narrowed to Stg4.272 billion from
Stg4.991 billion as exports rose 7.7% and imports were up just 1.1%.
-London newsroom: 44 20 7862 7491; email: puglow@marketnews.com
[TOPICS: M$B$$$,MT$$$$,MABDS$]
