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Financial News: UK Visible Trade Deficit Narrows More Than Expected

UK Visible Trade Deficit Narrows More Than Expected

08/09/2019 - 05:35:00 (RTTNews)

(RTTNews) - UK merchandise trade deficit narrowed more-than-expected in June, preliminary data from the Office for National Statistics showed on Friday.

The trade deficit fell to GBP 7.01 billion from GBP 10.70 billion in May. Economists had expected the trade gap to narrow to GBP 11 billion from May's originally reported GBP 11.52 billion.

The total trade balance swung to a surplus of GBP 1.78 billion from a GBP 2 billion deficit in May.

The non-EU goods trade deficit fell to GBP 0.19 billion from GBP 4.07 billion in the previous month. Economists had forecast a deficit of GBP 4.70 billion.

Goods exports grew 7.6 percent month-on-month in June after a 3.7 percent increase in May. Imports fell for a second consecutive month, down 2.4 percent.

In the second quarter, the goods trade deficit narrowed to GBP 30.4 billion from GBP 47.05 billion in the previous three months.

Exports fell 1.5 percent quarterly after a 2.3 percent gain in the previous three months. Imports dropped 13 percent after a 9.7 percent increase.

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