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UK trade deficit narrows to seven-month low in October | UK trade deficit narrows to seven-month low in October |
(35 minutes later) | |
The difference between the amount the UK imports and exports narrowed to a seven-month low in October, official data shows. | The difference between the amount the UK imports and exports narrowed to a seven-month low in October, official data shows. |
The Office for National Statistics (ONS) said the UK's trade deficit in goods and services stood at £2bn in October, compared with £2.8bn in September. | The Office for National Statistics (ONS) said the UK's trade deficit in goods and services stood at £2bn in October, compared with £2.8bn in September. |
The narrowing of the gap was driven mainly by a drop in oil imports. | The narrowing of the gap was driven mainly by a drop in oil imports. |
A rise in exports, helped by sales of silver to India, also had an impact. | A rise in exports, helped by sales of silver to India, also had an impact. |
The goods trade deficit for October also shrank to £9.6bn from £10.5bn, again marking its lowest level for seven months, but still higher than the £9.5bn expected by economists polled by Reuters. | |
The UK's goods trade deficit with countries in the 28-nation European Union narrowed, helped by the small increase in exports, and bucking fears that the eurozone's weak growth could hurt demand. | |
Despite the narrower gulf, the lack of a significant improvement in the volume of exports, has raised concerns about the strength of the UK's economic recovery. | Despite the narrower gulf, the lack of a significant improvement in the volume of exports, has raised concerns about the strength of the UK's economic recovery. |
The UK's economy expanded by 0.7% in the third quarter of this year, although its trade performance weighed on activity. | The UK's economy expanded by 0.7% in the third quarter of this year, although its trade performance weighed on activity. |
The ONS said trade would represent less of a drag in the final reading of economic growth because of revisions to data from previous months, but said it had not yet calculated what the difference would be. | The ONS said trade would represent less of a drag in the final reading of economic growth because of revisions to data from previous months, but said it had not yet calculated what the difference would be. |
IHS Global Insight chief UK economist Howard Archer said October's improvement had boosted hopes it could make a "rare positive contribution to UK GDP growth in the fourth quarter". | |
"This would be a significant boost to the chances that growth will hold up well in the fourth quarter and come in close to the third quarter outturn of 0.7% quarter-on-quarter," he added. |
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