UK trade deficit largest in 6 months
Topics: TRADE DEFICIT UK
Imports jumped 6.2 percent, while exports rose at a much softer 0.8 percent, still reaching an all-time high.
Imports of goods and services to the UK rose 6.2 percent from a month earlier to GBP 64.13 billion in October, following a 3.8 percent increase in September.
Goods purchases jumped 8.3 percent, boosted by fuels (17.8 percent), chemicals (14.3 percent), food and live animals (5.8 percent), machinery and transport equipment (3.9 percent), and miscellaneous manufactures (1.4 percent). In addition, services imports advanced 1.3 percent.
Among major trading partners, imports of goods from the EU advanced 4.4 percent, boosted by increases in purchases from Germany (4.6 percent), the Netherlands (11.5 percent), France (5.8 percent), Belgium (3.2 percent), Spain (2.4 percent), Ireland (9.1 percent) and Poland (1.8 percent).
Meanwhile, purchases from non-EU countries rose 12.7 percent, driven by imports from China (15.9 percent), the US (5.9 percent), Switzerland (59.8 percent), Norway (43.9 percent), Turkey (19.8 percent), India (39.5 percent), Canada (6.5 percent), Australia (53.4 percent) and Hong Kong (5.0 percent). By contrast, shipments from Japan and Russia dropped 4.9 and 6.4 percent respectively.
Meanwhile, exports from the UK increased 0.8 percent from a month earlier to an all-time high of GBP 58.94 billion, following a 0.6 percent advance in September. Sales of goods rose 1.8 percent on the back of chemicals (1.9 percent), material manufactures (4.0 percent), machinery and transport equipment (1.4 percent), and miscellaneous manufactures (7.9 percent).
Still, fuel exports slumped 11.7 percent. Exports of services, on the other hand, dropped 0.2 percent.
Goods exports to the EU rose 5.7 percent, in particular to Germany (5.7 percent), France (4.5 percent), the Netherlands (8.2 percent), Ireland (10.2 percent), Belgium (13.9 percent), Spain (2.3 percent), Italy (5.9 percent), Sweden (11.5 percent) and Denmark (14.8 percent).
Exports to non-EU countries went down 1.5 percent, mostly to China (-9.1 percent), Hong Kong (-10.4 percent), Switzerland (-11.5 percent), Canada (-10.1 percent), Singapore (-12.3 percent) and Norway (-10.0 percent).
On the other hand, increases were seen in exports to the US (8.3 percent), the UAE (7.3 percent), Japan (8.9 percent), Australia (25.9 percent), Turkey (2.3 percent), India (21.0 percent), Saudi Arabia (41.5 percent) and South Korea (6.1 percent). ■