Economy
UK
Trade September deficit of £2.9 billion
 Balance of
Trade | The UK's deficit on trade in goods and
services improved in September to stand at £2.9 billion - compared with
the revised deficit for August of £3.6 billion.
The deficit on
trade in goods in September was £4.5 billion. This is £0.6 billion better
than the deficit for August, and is despite the balance of trade in oil
moving into deficit in September. The deficit of £0.3 billion on trade in
oil in the month reflects summer maintenance work in the North Sea being
deferred until September. The improvement in the overall deficit is due to
higher exports of intermediate and capital goods, chemicals and other
semi-manufactured goods. The deficit with the enlarged EU in September was
almost unchanged at £2.2 billion. The deficit with non-EU countries
improved to £2.4 billion as a result of higher exports. The surplus on
trade in services rose by £0.1 billion to a record £1.7
billion.
Excluding oil and erratic items, the volume of exported
goods rose by five per cent between August and September. This increase
reflected a rise of 12 per cent in exports to non-EU countries. Within
exports of manufactured goods, exports of cars, capital and intermediate
goods, chemicals and other semi-manufactures all rose by at least four per
cent.
Excluding oil and erratic items, the volume of imported fell
between August and September by one and a half per cent with falls in
imports from EU and non-EU countries. Within manufactured goods there was
a general reduction in the volume of imports with the exception of imports
of cars, which rose 21 per cent in the month.
Published on 9 November 2004 at 9:30
am |