🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UK trade gap widens in June as oil swings into deficit

Published 08/11/2009, 04:31 AM
Updated 08/11/2009, 04:33 AM

LONDON, Aug 11 (Reuters) - Britain's goods trade gap with the rest of the world widened slightly more than expected in June as the oil balance swung into deficit following summer maintenance work, official data showed on Tuesday.

The Office for National Statistics said that Britain's goods trade gap widened to 6.451 billion pounds from 6.174 billion pounds in May. Economists had forecast a deficit of 6.20 billion pounds.

The oil balance recorded a deficit of 315 million pounds from a surplus of 100 million pounds in May. The ONS said that was probably due to increased refinery demand when indigenous production is somewhat lower because of summer maintenance.

Overall, imports rose 2.2 percent on the month, the biggest rise since July 2008, while exports gained 1.4 percent in June.

Most analysts still see the trade gap narrowing in the coming months as weaker sterling over the last year helps support demand for British goods.

The goods trade gap with non-EU countries also widened slightly more than expected to 3.648 billion pounds from 3.215 billion pounds in May. Analysts had forecast a deficit of 3.5 billion pounds.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.