UK trade gap hits new record as imports soar

first_img UK trade gap hits new record as imports soar whatsapp Britain’s goods trade deficit with the rest of the world unexpectedly widened to a record high in July after imports of chemicals and oil surged and exports fell, data off showed.The total trade deficit, which includes services, also widened sharply to its highest in almost five years, denting hopes that exports will be able to drive growth as the government and consumers rein in spending.The Office for National Statistics said the goods trade gap widened to £8.667bn in July from £7.5bn in June, wrongfooting analysts who had expected a broadly unchanged reading.July’s deficit was the biggest since the series started in January 1998 and has not been exceeded in earlier but non-comparable records that date back to 1697.Imports rose 3.1 percent on the month, driven by an increase in imports of organic chemicals, pharmaceuticals and oil, the latter due to maintenance work on North Sea oil rigs.Exports, by contrast, fell 0.9 per cent, led again by chemicals and oil.Economists will be keen to see whether the deterioration continues or if July’s figures prove a short-term hit from oil rig maintenance work.Including services data, the total trade gap widened to 4.916 billion pounds from £3.9bnn, its widest since August 2005.The non-EU goods trade gap also widened more than expected to £4.8bn £4.3bn, its widest since January. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.com whatsapp John Dunne center_img Thursday 9 September 2010 5:31 am Show Comments ▼ Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tags: NULLlast_img

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