Latest data released by ONS - 9 August 2019
- Prior -£11.5 billion
- Non-EU trade balance -£0.2 billion vs -£4.8 billion expected
- Prior -£4.9 billion
Exports rose by 7.6% m/m while imports fell by 3.6% m/m, once again highlighting the weak domestic demand in Q2 following the stockpiling in Q1. All this feeds into the poor Q2 GDP report released at the same time and is dragging the pound lower on the day.
The only "good" news is that we're seeing the trade deficit shrink to its smallest level since April 2011, though it's not the way you want it shrink.
