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Financial News: UK September Visible Trade Deficit Bigger Than Expected

UK September Visible Trade Deficit Bigger Than Expected

11/11/2019 - 04:57:00 (RTTNews)

(RTTNews) - UK's trade in goods in September showed a larger-than-expected deficit as imports grew faster than exports, figures from the Office for National Statistics showed on Monday.

The visible trade deficit widened to a five-month high of GBP 12.541 billion from GBP 10.825 billion in August. Economists had forecast a shortfall on GBP 10.000 billion.

In the same month last year, the deficit was GBP 11.050 billion.

On a month-on-month basis, merchandise exports rebounded with 1.2 percent growth in September after a 2.9 percent slump in the previous month. Imports rose 5.1 percent following a 0.4 percent gain in August.

The total trade deficit widened to GBP 3.360 billion from GBP 1.760 billion in the previous month.

The surplus in services trade grew slightly to GBP 9.181 billion from GBP 9.065 billion in August. Exports rose 1 percent monthly after a 3 percent climb in the previous month. Imports grew 0.8 percent following a 1.1 percent increase.

The non-EU trade deficit worsened to GBP 4.032 billion from GBP 3.233 billion in the previous month. Economists had forecast a shortfall of GBP 2.500 billion.

In the third quarter, the visible trade deficit narrowed to GBP 33.164 billion from GBP 34.128 billion in the previous three months. The total trade deficit shrunk to GBP 6.410 billion from GBP 11.394 billion. The surplus in services trade grew to GBP 26.754 billion from GBP 22.734 billion.

Goods exports rose 5 percent from the previous three months and imports grew 2.8 percent. Services exports increased 6.3 percent and imports climbed 1 percent.

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