UK DATA: Nov global goods deficit Stg8.736bn vs Stg8.591bn in Oct
–Nov global goods/services deficit Stg4.123bn vs Stg4.038bn in Oct
–Nov global goods deficit ex oil/erratics Stg7.363bn vs Stg8.026bn Oct
–Nov global goods deficit median forecast Stg8.4bn; total Stg3.8bn
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The goods trade deficit widened to Stg8.736bn in November the
highest shortfall on record and the goods/services deficit hit
Stg4.123bn the highest since August. The outturns were above the median
forecasts of Stg8.4bn and Stg3.8bn respectively. The widening though
in the headline shortfalls is mostly down to oil where imports rose 39%
m/m putting the oil balance back into deficit. Trade in goods excluding
oil and erratics, which gives a better underlying guide to the trade
data, narrowed to Stg7.363bn from Stg8.026bn, with exports of goods
rising to their highest on record. These were driven by exports of cars
to EU and particularly non-EU countries.