UK trade deficit hits record high in November
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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Tags: confound, expectations, exports, fears, fourth quarter, growth, imports, November, Office for National Statistics, ONS, record high, trade, UK, widen
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