UK DATA: Sep global goods deficit Stg8.228bn vs Stg8.473bn in Aug
–Sep global goods/services deficit Stg4.57bn vs Stg4.889bn in Aug
–Sep global goods deficit ex oil/erratics Stg6.981bn vs Stg7.096bn Aug
–Sep global goods deficit median forecast Stg8bn; total Stg4.5bn
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The global goods deficit narrowed slightly to Stg8.2bn in Sep,
broadly in line with the median forecast of Stg8bn. Including services
the deficit narrowed to Stg4.57bn also in line with the median forecast
of Stg4.5bn. Goods exports were up 2.2% m/m in value terms, followigna
fall last month, while imports rose 0.8%. Both deficits with EU and
non-EU countries narrowed slightly this month with non-EU exports rising
4.4%, against a 2.6% rise in imports. There were fears of a drop-off in
trade activity last month but this month has seen some bounceback. The
data, though, are very erratic, making it difficult to gauge any
underlying trend.