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UK’s trade deficit falls
The UK's trade deficit narrowed slightly in September, according to the Office for National Statistics (ONS).
The deficit on trade in goods and services reduced £4.6bn, compared with a deficit of £4.9bn in August. The trade gap shrank to £8.23bn from £8.47bn.
This is the second month in succession that the trade deficit has fallen following July's five-year high.
However, separate figures showed that growth in manufacturing output slowed to 0.1% from 0.4% in August - the weakest growth in manufacturing for five months.
"These figures are mixed and slightly disappointing. In September, manufacturing rose less than expected, and exports fell - but imports fell even more. Overall, the result was an improvement in the UK net trade balance," said David Kern, Chief Economist at the British Chambers of Commerce.
"On the positive side, longer-term comparisons still confirm that the re-balancing of the economy is on course. Manufacturing has now risen faster than services for four quarters in a row, and the rise in exports was stronger than imports in the third quarter."
Post Date: November 9th, 2010
The deficit on trade in goods and services reduced £4.6bn, compared with a deficit of £4.9bn in August. The trade gap shrank to £8.23bn from £8.47bn.
This is the second month in succession that the trade deficit has fallen following July's five-year high.
However, separate figures showed that growth in manufacturing output slowed to 0.1% from 0.4% in August - the weakest growth in manufacturing for five months.
"These figures are mixed and slightly disappointing. In September, manufacturing rose less than expected, and exports fell - but imports fell even more. Overall, the result was an improvement in the UK net trade balance," said David Kern, Chief Economist at the British Chambers of Commerce.
"On the positive side, longer-term comparisons still confirm that the re-balancing of the economy is on course. Manufacturing has now risen faster than services for four quarters in a row, and the rise in exports was stronger than imports in the third quarter."
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Post Date: November 9th, 2010
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