Investing.com - The U.K.’s goods trade deficit widened much more than expected in October, as imports rose sharply, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit rose to a seasonally adjusted £11.83 billion from a deficit of £8.8 billion in September. Economists had expected the goods trade deficit to widen to £9.7 billion in October.
The trade in goods widening was mainly the result of a large increase in imports of goods, which was up £2.3 billion to £35.4 billion in October, while exports of goods decreased by £0.7 billion to £23.5 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 1.5174 from around 1.5184 ahead of the announcement, while EUR/GBP was at 0.7226 from 0.7222 earlier.
Meanwhile, European stock markets were mixed. London’s FTSE 100 shed -0.25%, the EURO STOXX 50 dipped 0.2%, France's CAC 40 added 0.1%, while Germany's DAX tacked on 0.2%.