Investing.com – The U.K.’s goods trade deficit widened unexpectedly in June, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.9 billion in June, compared to a deficit of GBP8.5 billion in May.
Economists had expected the goods trade deficit to narrow to GBP8.2 billion in June.
The report said that the total trade deficit widened to GBP4.5 billion in June, compared with a deficit of GBP4.0 billion in May. Analysts had expected the total trade deficit to widen to GBP4.4 billion.
Export prices of goods totaled GBP38.03 billion and import prices of goods came in at GBP42.53 billion.
Following the release of the data, the pound pared gains against the U.S. dollar, with GBP/USD up 0.11% to trade at 1.6339.
Meanwhile, European stock markets were sharply lower. The FTSE 100 plunged 4%, the EURO STOXX 50 tumbled 3.7%, France’s CAC 40 dropped 3.2%, while Germany's DAX plummeted 5.1%.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.9 billion in June, compared to a deficit of GBP8.5 billion in May.
Economists had expected the goods trade deficit to narrow to GBP8.2 billion in June.
The report said that the total trade deficit widened to GBP4.5 billion in June, compared with a deficit of GBP4.0 billion in May. Analysts had expected the total trade deficit to widen to GBP4.4 billion.
Export prices of goods totaled GBP38.03 billion and import prices of goods came in at GBP42.53 billion.
Following the release of the data, the pound pared gains against the U.S. dollar, with GBP/USD up 0.11% to trade at 1.6339.
Meanwhile, European stock markets were sharply lower. The FTSE 100 plunged 4%, the EURO STOXX 50 tumbled 3.7%, France’s CAC 40 dropped 3.2%, while Germany's DAX plummeted 5.1%.