magnify
Home WORLD UK trade deficit narrows in July as oil exports rise
formats

UK trade deficit narrows in July as oil exports rise

Published on September 11, 2012 by in WORLD

The UK’s trade deficit narrowed in July, led by an increase in oil exports to the European Union.

The deficit in July totalled £1.5bn, compared with £4.3bn in June, the official figures showed.

Exports of goods rose 9% to £25.8bn, while imports shed 2.1% to £32.9bn. For services, exports fell 0.9% to £15.6bn, while imports declined 0.4% to £10bn.

Commerzbank economist Peter Dixon said July’s figures were better than expected.

The Office for National Statistics said that in addition to higher oil sales to Europe, exports were lifted by a rise in the sale of chemicals and consumer goods to non-European Union countries.

Mr Dixon said: “The numbers are better than expected after June was worse than expected. If you look at them on balance, the export figures are back to where they were in May.

“I wouldn’t expect further such small deficits in the future. UK trade will continue to struggle in the face of the problems in the eurozone.”

The UK has been in recession since the last quarter of 2012, with the most recent data showing that the economy contracted by 0.5% in April to June of this year.

http://www.bbc.co.uk/news/business-19556812

 
 Share on Facebook Share on Twitter Share on Reddit Share on LinkedIn
1 Comment  comments 

One Response

  1. hey there and thank you for your information – I have definitely picked up something new from right here. I did however expertise some technical issues using this web site, since I experienced to reload the web site many times previous to I could get it to load properly. I had been wondering if your hosting is OK? Not that I’m complaining, but slow loading instances times will often affect your placement in google and can damage your high-quality score if advertising and marketing with Adwords. Well I’m adding this RSS to my e-mail and can look out for a lot more of your respective intriguing content. Make sure you update this again very soon..

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>