UK Trade Deficit Narrows in June


UK trade deficit shrank more than expected in June to its lowest level since January of 2013 as exports reached a new high.

UK trade deficit on trade in goods and services was estimated to have been £1.5 billion in June, compared with a deficit of £2.6 billion in May. The deficit of trade in goods for June 2013 was £8.1 billion, an increase of £0.6 billion on the previous month and within the range of normal month to month movements. This was offset by an estimated surplus of £6.5 billion on services.

Exports of goods reached a record high of £26.9 billion in June, an increase of £1.3 billion from May. Sales of goods to countries outside of the European Union (EU) increased by £1.3 billion to £14.2 billion. £1.1 billion was attributed to the export of finished manufactures, specifically aircraft and works of art.

Within EU countries, exports of goods to Belgium and Luxembourg increased by £0.1 billion and exports to the Netherlands decreased by £0.3 billion. Among non-EU countries, exports to South Korea and the USA both increased by £0.4 billion. Exports to both Saudi Arabia and Singapore increased by £0.1 billion. Exports to India decreased by £0.2 billion.

Imports increased £0.7 billion to £35.0 billion. Imports of goods from Germany increased by £0.3 billion and imports from France increased by £0.1 billion. Among non-EU countries, imports from the USA increased by £0.3 billion and imports from China increased by £0.2 billion. Imports from Russia and Nigeria decreased by £0.4 billion and £0.1 billion respectively.

UK Trade Deficit Narrows in June


ONS | Nuno Fontes | nuno@tradingeconomics.com
8/9/2013 11:24:26 AM