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Saturday 15th of January 2011
January 12, 2011    

UK trade deficit hits record high in November

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by Kay Murchie

The Office for National Statistics (ONS) has today revealed the UK’s trade deficit widened to a record high in November.

According to the ONS, the goods trade gap widened to £8.736 billion in November from an upwardly revised £8.591 billion the previous month.

This represented the biggest deficit since monthly records began more than 30 years ago and confounded expectations of a narrowing in the deficit.

Meanwhile, the ONS said both exports and imports hit a record high in value terms in November.

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

The latest figures will undoubtedly raise concerns about economic growth in the fourth quarter.

Economists are expecting growth to slow to around 0.4% in the October-December period – slower than the 0.7% expansion reported in the third quarter.

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