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UK Trade Deficit Widens in Sept on Higher Oil Imports, EU Exports Sluggish

UK Trade Deficit Widens in Sept on Higher Oil Imports, EU Exports Sluggish

LONDON, Nov 7 (Reuters) – Britain’s goods trade deficit widened by more than expected in September, hit by a jump in oil imports and by weak export growth to the European Union, official data showed on Friday.

The Office for National Statistics said the deficit grew to 9.821 billion pounds from 8.950 billion pounds in August, when a plunge in big-ticket imports such as aircraft helped narrow the shortfall to its smallest level since March.

Economists had forecast a gap of 9.4 billion pounds in September

Exports in the month rose by 4.2 percent compared with August but imports increased by a faster 5.8 percent.

The data meant that in the third quarter as a whole, Britain’s deficit in its trade in goods grew to 29.049 billion pounds, up from 28.107 billion pounds in the second quarter.

Oil imports jumped 27.6 percent in September from August, the ONS said.

Including Britain’s surplus in trade in services, the overall trade deficit also widened in September to 2.838 billion pounds from 1.768 billion pounds in August.

Read more at Reuters

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