UK trade deficit narrows in August

| October 12, 2010

The Office for National Statistics (ONS) has today revealed the UKa��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 A?8.2 billion in August, down from the A?8.7 billion reported in July.

Analysts had expected a deficit of A?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.a�?

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

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