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U.K. goods trade deficit widens to £10.2 billion in July

Published 09/09/2014, 04:39 AM
Updated 09/09/2014, 04:39 AM
U.K. goods trade deficit widens to £10.2 billion in July

U.K. goods trade deficit widens to £10.2 billion in July

Investing.com - The U.K.’s goods trade deficit widened unexpectedly in July, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted £10.2 billion in July from a deficit of £9.41 billion in June. Economists had expected the goods trade deficit to narrow to £9.1 billion.

Seasonally adjusted, the U.K.’s deficit on trade in goods and services was estimated to have been £3.3 billion in July, compared with £2.5 billion in June.

Trade in goods with non-EU countries accounted for the majority of the increase in exports and imports in July. Exports increased by £0.5 billion and imports increased by £1.0 billion.

Exports of goods to countries within the EU increased by less than £0.1 billion, while imports increased by £0.3 billion.

In the three months to July, the trade in goods deficit widened by £2.9 billion to £28.7 billion. Exports decreased by £0.5 billion to £71.4 billion. Imports increased by £2.4 billion to £100.1 billion.

U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.

GBP/USD was trading at 1.6092 from around 1.6114 ahead of the announcement, while EUR/GBP was at 0.8000 from 0.7986 earlier.

Meanwhile, European stock markets remained lower. London’s FTSE 100 shed 0.2%, the DJ Euro Stoxx 50 dipped 0.1%, France's CAC 40 fell 0.1%, while Germany's DAX slumped 0.1%.

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