UK trade deficit narrows in August

| October 12, 2010 | 0 Comments

The Office for National Statistics (ONS) has today revealed the UK’s trade deficit narrowed slightly in August, after reaching a five-year high the previous month.

According to the ONS, the goods trade gap widened to £8.2 billion in August, down from the £8.7 billion reported in July.

Analysts had expected a deficit of £8.05 billion.

The ONS said exports fell by 2.1% in the month, while exports to non-EU countries slumped by 4.9% in August. Imports fell 2.7%, said the ONS.

Commenting on the data, Howard Archer, chief economist at IHS Global Insight, said: “The UK’s export performance so far in 2010 has been lacklustre and largely disappointing, give the past sharp depreciation of the pound and improved global growth and trade.”

Mr Archer added that UK exports will be hit further in the short-term as a result of “slowing global growth.”

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