9 Jan 2015
UK trade deficit falls to lowest since June 2013
FXStreet (London) - The UK deficit of trade in goods and services for November 2014 narrowed to GBP1.4 billion from GBP2.2 billion in the previous month, according to data released by the Office for National Statistics. This is the lowest total trade deficit since June 2013, when the deficit stood at GBP0.4 billion. Between October and November, exports decreased by GBP0.2 billion to GBP42.0 billion and imports decreased by GBP1.0 billion to GBP43.4 billion.
The deficit on trade in goods was GBP8.8 billion in November 2014, narrowing by GBP1.0 billion from October. Exports fell by GBP0.1 billion between October and November. Imports fell by GBP1.1 billion over the same period.
In detail, exports of goods decreased by GBP0.1 billion to GBP24.4 billion in November, reflecting a GBP0.3 billion fall in exports of fuels. The decrease was mainly attributed to oil exports (down GBP0.2 billion) and, in particular, oil exported to EU countries.
Imports fell by GBP1.1 billion in November 2014, mainly reflecting a GBP0.7 billion fall in imports of fuels; specifically oil imports (down GBP0.7 billion).
According to the ONS, almost all of the decrease in fuel imports was attributed to trade with countries outside the EU. Aside from fuels, imports of other key commodities also fell in November, although their impact was less significant. The most notable of these was material manufactures, which fell by GBP0.2 billion.
The deficit on trade in goods was GBP8.8 billion in November 2014, narrowing by GBP1.0 billion from October. Exports fell by GBP0.1 billion between October and November. Imports fell by GBP1.1 billion over the same period.
In detail, exports of goods decreased by GBP0.1 billion to GBP24.4 billion in November, reflecting a GBP0.3 billion fall in exports of fuels. The decrease was mainly attributed to oil exports (down GBP0.2 billion) and, in particular, oil exported to EU countries.
Imports fell by GBP1.1 billion in November 2014, mainly reflecting a GBP0.7 billion fall in imports of fuels; specifically oil imports (down GBP0.7 billion).
According to the ONS, almost all of the decrease in fuel imports was attributed to trade with countries outside the EU. Aside from fuels, imports of other key commodities also fell in November, although their impact was less significant. The most notable of these was material manufactures, which fell by GBP0.2 billion.