Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The UK’s trade in goods deficit widened in August from the prior month, as exports fell and imports increased, according to data from the Office for National Statistics on Thursday.
In August, the UK’s total exports of goods - excluding precious metals - fell 2.2% to £30.9 billion from July. Imports rose 1.7% to £47.6 billion. This results in the UK’s trade deficit widening by £1.5 billion to £16.7 billion.
The trade deficit with the EU shrunk by around £200 million to £11.1 billion, as imports fell 0.7% to £26.4 billion, while exports rose 0.2% to £15.3 billion.
Meanwhile, the non-EU trade deficit widened by £1.7 billion to £5.7 billion, as imports rose 4.9% to £21.2 billion, while exports fell 4.5% to £15.6 billion.
‘The rise in imports from non-EU countries was mainly the result of higher imports of oil and gas,’ the ONS said.
Copyright 2023 Alliance News Ltd. All Rights Reserved.