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| UK trade deficit narrows as exports hit a record | UK trade deficit narrows as exports hit a record |
| (40 minutes later) | |
| The UK's trade deficit narrowed sharply in October, as the value of exports hit a record high, official figures have shown. | The UK's trade deficit narrowed sharply in October, as the value of exports hit a record high, official figures have shown. |
| The Office for National Statistics (ONS) said the deficit in goods fell to £7.6bn, down from £10.2bn September. | The Office for National Statistics (ONS) said the deficit in goods fell to £7.6bn, down from £10.2bn September. |
| Exports of goods rose to a record £26.5bn, while imports fell from September's record £34.6bn to £34.1bn. | Exports of goods rose to a record £26.5bn, while imports fell from September's record £34.6bn to £34.1bn. |
| There was a particularly strong rise in exports of chemicals, medical products, and telecoms equipment, the ONS said. | There was a particularly strong rise in exports of chemicals, medical products, and telecoms equipment, the ONS said. |
| Despite the improvement, economists urged caution and forecast that the improvement was unlikely to be repeated. | |
| Howard Archer, at IHS Global Insight, said: "October's much improved performance followed a sharp deterioration in September, which highlights the major volatility that can occur month to month in trade data". | |
| Nidia Ali, economic advisor to Ernst & Young, described the figures as "a bolt from the blue" and at odds with "recent trends in the wider economy". | |
| He was "very wary" about drawing firm conclusions from the data. | |
| Separately, ONS figures showed that the price of goods leaving UK factories eased in November, confirming predictions that inflation could be edging down. | Separately, ONS figures showed that the price of goods leaving UK factories eased in November, confirming predictions that inflation could be edging down. |
| Producer output prices rose by 5.4% last month year-on-year, down from 5.7% in October. | Producer output prices rose by 5.4% last month year-on-year, down from 5.7% in October. |
| Input prices were 13.4% higher on the year, compared with 14.3% in October. | Input prices were 13.4% higher on the year, compared with 14.3% in October. |