U.K. Visible Trade Deficit Widens More Than Forecast
(RTTNews) - The U.K. visible trade deficit widened more-than-expected in November, the Office for National Statistics reported Wednesday.
The trade in goods showed a deficit of GBP 12.2 billion versus a shortfall of GBP 9.9 billion in October. Economists had expected the deficit to rise to GBP 11.5 billion.
The deficit with EU countries rose to GBP 8.6 billion in November from GBP 7.6 billion in the preceding month. Similarly, non-EU trade deficit climbed to GBP 3.6 billion from 2.1 billion. It was forecast to rise to GBP 3.5 billion.
At the same time, the surplus on services shrank to GBP 8.0 billion from GBP 8.3 billion.
As a result, the total trade deficit including goods and services widened to GBP 4.2 billion in November from GBP 1.5 billion a montn ago. This reflects a GBP 3.3 billion rise in imports, partially offset by a GBP 0.7 billion increase in exports.