UK Sept trade deficit at £2.7bn
Improvement recorded in exports to non-EU countries
By CFOWorld.co.uk staff | CFO UK | Published 12:06, 09 November 12
The UK's trade deficit narrowed in September to £2.7 billion according to the Office for National Statistics.
In a data release on Friday, the ONS said the figure compared with a £4.3 billion deficit in August and a £3.5 billion deficit in September of last year.
The traded goods deficit fell appreciably in September as exports rose by 1.1 percent month-over-month and imports fell by 3.9 percent; the largest import drop since December 2011. The rise banked on goods exports to non-EU countries (up 2.4 percent) while exports to the EU fell by 0.1 percent.
Stronger demand for UK exports to non-EU countries was led by the US market with British chemicals manufacturers doing particularly well.
The drop in goods imports was led by a decline in fuel and manufactured goods imports. In keeping with wider trends, the UK's trade surplus in services sector steadied around £5.7 billion in September.
Overall, the UK trade deficit narrowed to £8.5 billion in the third quarter from £10.1 billion in the second quarter. However, it was still up from £8.1 billion in the first quarter of 2012 and well above the average quarterly deficit of £5.9 billion in 2011, the ONS said.
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