The trade deficit in the United Kingdom narrowed by £1.1 billion to £4.5 billion in July 2016 from an upwardly revised £5.6 billion in June.
Article continues below
Exports increased by 1.9 percent, boosted by a 3.4 percent rise in the export of goods, while imports declined by 0.5 percent.
Between the 3 months to April 2016 and the 3 months to July 2016, the total trade deficit widened by £5.1 billion to £14.1 billion, the widest deficit since the 3 months to December 2013.
Between June 2016 and July 2016, total exports (goods and services) increased by £0.8 billion, or 1.9 percent, to £43.8 billion; this increase reflected a £0.8 billion, or 3.4 percent, increase in the export of goods.
Total imports (goods and services) decreased by £0.3 billion, or 0.5 percent, to £48.3 billion over the same period, reflecting a £0.3 billion, or 0.9 percent, fall in imports of goods.
The deficit on trade in goods was £11.8 billion in July 2016, narrowing by £1.2 billion from June 2016. This narrowing mainly reflects an increase in exports. Exports of ships increased by £0.5 billion and exports of fuels increased by £0.5 billion: specifically oil which increased by £0.4 billion.
There were smaller increases in exports of food, beverages and tobacco (combined), miscellaneous manufactures and machinery of £0.1 billion each. These increases were offset by a £0.5 billion decrease in the exports of aircraft. Over the same period imports of goods fell; with a decrease in the imports of cars of £0.3 billion.
Between June 2016 and July 2016, exports of goods to EU countries increased by £1.0 billion, or 9.1 percent, to £12.5 billion, mainly reflecting an increase in exports of oil (£0.5 billion) and miscellaneous manufactures (£0.3 billion), of which jewellery increased by £0.2 billion to a record high.
Imports of goods from EU countries increased by £0.4 billion to £20.1 billion in July 2016; there were increases in oil, chemicals, material manufactures and miscellaneous manufactures (£0.1 billion each). These rises were offset by a fall in imports of cars and aircraft from the EU (£0.2 billion each).
Between June 2016 and July 2016, exports of goods to countries outside the EU decreased by £0.2 billion, reflecting a fall in aircraft (£0.6 billion).
Imports of goods from countries outside the EU decreased by £0.7 billion, reflecting falls in unspecified goods (£0.4 billion) and oil (£0.2 billion). These falls were offset by an increase in imports of aircraft (£0.4 billion).
Between the 3 months to April 2016 and the 3 months to July 2016, the total trade deficit (goods and services) widened by £5.1 billion to £14.1 billion, the widest deficit since the 3 months to December 2013.
The trade position reflects exports minus imports; the widening of the deficit reflected both a fall in exports (1.7%) and a rise in imports (2.1%). Imports of goods and services reached a record high of £143.6 billion in the 3 months to July 2016. ■
Under an intense surge of arctic air, Friday morning will begin with the coldest temperatures so far this season across much of the central and eastern U.S. with blustery conditions and a piercing wind chill.