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UK clocks up record trade deficit in September UK clocks up record trade deficit in September
(about 1 hour later)
The UK recorded its biggest trade deficit to date in September, while an August jump in exports has been revised away, new data shows.The UK recorded its biggest trade deficit to date in September, while an August jump in exports has been revised away, new data shows.
The difference in value between imports and exports of goods and services in September was £9.8bn, according to the Office for National Statistics (ONS), the worst since data began in 1998.The difference in value between imports and exports of goods and services in September was £9.8bn, according to the Office for National Statistics (ONS), the worst since data began in 1998.
It rose from £8.6bn in August, thanks to a record jump in imports.It rose from £8.6bn in August, thanks to a record jump in imports.
But the August data was itself worse than previously reported.But the August data was itself worse than previously reported.
A month ago, the ONS had reported a record rise in monthly goods exports by the UK.A month ago, the ONS had reported a record rise in monthly goods exports by the UK.
But new data from HM Revenue and Customs, as well a change in the ONS's seasonal adjustment methodology, has largely eliminated the increase.But new data from HM Revenue and Customs, as well a change in the ONS's seasonal adjustment methodology, has largely eliminated the increase.
In contrast, record exports pushed the trade surplus of Germany - Europe's largest economy - to a three-year high in September, data showed on Tuesday.
'Double-dip''Double-dip'
Meanwhile, in the September data, the jump in imports was driven by oil, chemicals and silver.Meanwhile, in the September data, the jump in imports was driven by oil, chemicals and silver.
The trade deficit with non-European Union countries was much worse than expected, which may be particularly worrying as the UK's European export markets are now being badly affected by the eurozone debt crisis and a looming recession.The trade deficit with non-European Union countries was much worse than expected, which may be particularly worrying as the UK's European export markets are now being badly affected by the eurozone debt crisis and a looming recession.
"A key concern was the fall in goods exports, which fell 1.6% in September," said Chris Williamson of financial data firm Markit."A key concern was the fall in goods exports, which fell 1.6% in September," said Chris Williamson of financial data firm Markit.
"Further export losses look likely in coming months, with survey data suggesting the rate of decline could accelerate substantially."Further export losses look likely in coming months, with survey data suggesting the rate of decline could accelerate substantially.
"With domestic demand hit by deficit-fighting austerity measures and export sales falling, it is hard to see what will drive economic growth in coming months, raising the risk of a double-dip recession.""With domestic demand hit by deficit-fighting austerity measures and export sales falling, it is hard to see what will drive economic growth in coming months, raising the risk of a double-dip recession."
Other analysts questioned the data, pointing out that the monthly figures can be quite volatile and adding that the widening deficit was driven by an increase in imports, which seemed inconsistent with the subdued mood among UK consumers.Other analysts questioned the data, pointing out that the monthly figures can be quite volatile and adding that the widening deficit was driven by an increase in imports, which seemed inconsistent with the subdued mood among UK consumers.
The pound fell sharply as the data was released, and was down a cent against the dollar in late morning trading, at just under $1.60.The pound fell sharply as the data was released, and was down a cent against the dollar in late morning trading, at just under $1.60.
Markets took the data as further evidence of an economic slowdown, which is likely to result in additional money creation by the Bank of England, weighing on the value of sterling.Markets took the data as further evidence of an economic slowdown, which is likely to result in additional money creation by the Bank of England, weighing on the value of sterling.