UK trade deficit at 15 year high

The UK’s trade gap widened sharply in the summer to its worst level since comparable records began in 1997.UK trade deficit at 15 year highThe deficit, which measures how much imported goods and services exceed exports, rose to £4.3 billion in June from £2.7 billion in May.

The rise was driven by a 4.6% month-on-month fall in the value of UK exports to eurozone and non-European Union countries.

The deficit with non EU nations rose to £5.2 billion in June from £3.9 billion in May.

These figues represents the biggest goods trade deficit since September 2011, it’s the biggest non-EU goods trade deficit since September 2011 and it’s the biggest total goods and services trade deficit since modern records began in 1997.

Exports to non EU countries fell 9.6% to £11.9 billion, according to figures from the Office for National Statistics.

At the same time, imports to Britain from non EU countries were unchanged between May and June, at £17.1 billion.

The fall in total exports of goods was driven by lower trade in oil, especially to the US, by chemicals to all non-EU countries, and by car production and shipping to places such as China.

September 24, 2012 · Home Based Jobs · Comments Closed
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