UK trade

The UK’s trade deficit contracted in June to stand at £1.5 billion, compared to £2.6 billion in May, according to data released this morning by the Office for National Statistics (ONS). An £8.1bn deficit in goods was largely offset by a £6.5 billion surplus in services. Exports grew by 3.2% over the month, while imports increased by just 0.6%. While month-on-month changes in trade can be very erratic, this improvement appears to be slightly more solid, with exports 4.3% higher over the entirety of Q2 2013 compared to the same quarter a year earlier. [Read more…]