Investing.com – The U.K.’s goods trade deficit widened unexpectedly in November, climbing to a record high official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.7 billion in November, compared to a deficit of GBP8.6 billion in October, whose figure was revised from a deficit of GBP8.5 billion.
Economists had expected the goods trade deficit to narrow to GBP8.2 billion in November.
The report said that the total trade deficit widened to GBP4.1 billion in November, compared to a deficit of GBP4.0 billion the previous month, it’s highest since August.
Meanwhile, the surplus on trade in services was estimated at GBP4.6 billion in November, unchanged from the previous month.
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.39% to hit 1.5659.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.56%, the EURO STOXX 50 soared 1.86%, France’s CAC 40 jumped 1.45%, while Germany's DAX rallied 1.34%.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit widened to a seasonally adjusted GBP8.7 billion in November, compared to a deficit of GBP8.6 billion in October, whose figure was revised from a deficit of GBP8.5 billion.
Economists had expected the goods trade deficit to narrow to GBP8.2 billion in November.
The report said that the total trade deficit widened to GBP4.1 billion in November, compared to a deficit of GBP4.0 billion the previous month, it’s highest since August.
Meanwhile, the surplus on trade in services was estimated at GBP4.6 billion in November, unchanged from the previous month.
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.39% to hit 1.5659.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.56%, the EURO STOXX 50 soared 1.86%, France’s CAC 40 jumped 1.45%, while Germany's DAX rallied 1.34%.