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Sunday 11th of July 2010
July 9, 2010    

UK trade deficit widens unexpectedly in May

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by Kay Murchie

The Office for National Statistics (ONS) has today revealed the UK’s trade gap widened more than anticipated in May.

According to the ONS, exports of goods grew 0.2% compared with April to £21.5 billion, while imports also grew on the month, by 2.4% to £29.5 billion.

The ONS said the UK’s goods trade deficit with the rest of the world rose to £8.062 billion in May, from £7.411 billion in April.

The figure is worse than the £7 billion analysts had forecast and the largest deficit since January.

In other news today, the ONS also revealed producer output price inflation fell to 5.1% in June, down from 5.5% in May.

The annual rate was far below forecasts for a reading of 5.7%.

Meanwhile, input prices fell for a second month running, bringing the annual rate down to 10.7% in June from 11.5% the previous month.

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