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UK visible trade deficit widens in June

UK visible trade deficit widens in June

LONDON: The UK visible trade deficit widened to a 9-month high in June, the Office for National Statistics reported Thursday. Trade in goods resulted in a shortfall of GBP 12.72 billion in June compared to GBP 11.31 billion deficit in May. This was the largest shortfall since September 2016. Economists had forecast the deficit to narrow to GBP 11 billion. Exports of goods decreased 2.8 percent, while imports of goods grew 1.6 percent.

The trade deficit with EU nations increased to GBP 8.25 billion from GBP 7.8 billion. Likewise, the deficit with non-EU countries rose to GBP 4.47 billion from GBP 3.49 billion. Including goods and services, the total trade deficit widened to GBP 4.56 billion from GBP 2.52 billion a month ago. In the second quarter, the total trade deficit widened by GBP 0.1 billion to GBP 8.9 billion as increases in imports were closely matched by increases in exports.