UK trade deficit widens in October

| December 9, 2010 | 0 Comments

The Office for National Statistics (ONS) has today revealed the UK’s trade deficit unexpectedly widened in October.

According to the ONS, the goods trade gap widened to £8.5 billion in October, up from an upwardly revised deficit of £8.3 billion the previous month.

Analysts had expected a deficit of £8.05 billion.

The ONS said exports rose strongly boosted by oil sales, while imports surged to a record high.

Exports grew by £0.9 billion, while imports rose by £1.1 billion.

Meanwhile, the non-European Union trade deficit also widened to £5.004 billion, again higher than analysts forecasts of a deficit of £4.5 billion.

Following the news, the pound lost ground against the US dollar, losing 0.20% to 1.5771.

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