UK trade deficit widens to £1.6bn in June
August 7, 2015, 2:15 pm

The UK trade deficit almost doubled in June to £1.6bn, from £885m the previous month, the Office for National Statistics (ONS) has said.A deficit of £9.2bn on goods was partly offset by a £7.6bn surplus on services.Exports fell slightly, reflecting in part weaker demand in the eurozone.Despite the sharp monthly increase, the deficit for the second quarter was, at £4.9bn, considerably smaller than the £7.5bn deficit recorded in the first three months of the year."Concerns about manufacturers being hammered by a stronger sterling and flat eurozone demand may have been premature, although encouraging as this may be, one decent quarter doesn`t necessarily signal that big contributions to [economic] growth from net trade are around the corner," said Lee Hopley, chief economist at manufacturing group EEF."Indeed, the Bank of England`s cautionary tone on world trade growth in its Inflation Report suggest there are still downside risks a-plenty."Total goods exports in June totalled £24.9bn, while goods imports rose to £34.1bn.The US was the UK`s biggest export market, worth £4.4bn in June, followed by Germany, at £2.7bn. France, the Netherlands, the Irish Republic and China are the next biggest export markets.The UK imported goods and services worth £5.34bn from Germany in June, more than from any other country. China, the Netherlands, the US and France are the next biggest source of imports.

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