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| Version 1 | Version 2 |
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| UK trade deficit narrows in August | UK trade deficit narrows in August |
| (35 minutes later) | |
| The gap between the amount the UK imports and the amount it exports narrowed significantly in August, the latest official figures show. | The gap between the amount the UK imports and the amount it exports narrowed significantly in August, the latest official figures show. |
| The Office for National Statistics (ONS) said the UK's trade deficit in goods and services stood at £1.9bn in August, compared with £3.1bn in July. | The Office for National Statistics (ONS) said the UK's trade deficit in goods and services stood at £1.9bn in August, compared with £3.1bn in July. |
| UK exports fell again in August, but imports fell by more. | UK exports fell again in August, but imports fell by more. |
| Separate figures from the ONS also showed a fall in output from the UK's construction industry. | Separate figures from the ONS also showed a fall in output from the UK's construction industry. |
| Construction output dropped by 3.9% in August after a 1.9% rise in July, the ONS said. | Construction output dropped by 3.9% in August after a 1.9% rise in July, the ONS said. |
| Concerns remain | Concerns remain |
| The trade deficit headline figure masks a wide disparity between the UK's trade in goods and its trade in services. | |
| UK exports of goods continued to be significantly outweighed by imports of goods in August, the ONS figures showed, though the gap narrowed slightly to £9.1bn. | |
| Goods exports fell by £0.7bn to £23.2bn, with most of that attributed to a fall in oil exports, particularly to countries outside of the EU. | Goods exports fell by £0.7bn to £23.2bn, with most of that attributed to a fall in oil exports, particularly to countries outside of the EU. |
| But imports fell more, by £2bn, narrowing the gap. | But imports fell more, by £2bn, narrowing the gap. |
| In contrast, the UK continues to run a surplus in its trade in services, selling more abroad than it buys in. | In contrast, the UK continues to run a surplus in its trade in services, selling more abroad than it buys in. |
| Analysts gave a cautious welcome to the narrowing of the deficit, but said it was not a sign of much improvement in the UK economy. | Analysts gave a cautious welcome to the narrowing of the deficit, but said it was not a sign of much improvement in the UK economy. |
| "The narrowing of the overall deficit is a good result on the face of it, but a welcome technical improvement doesn't necessarily alleviate concerns about the UK's trade performance," said Lee Hopley, chief economist at EEF, the manufacturers' organisation. | "The narrowing of the overall deficit is a good result on the face of it, but a welcome technical improvement doesn't necessarily alleviate concerns about the UK's trade performance," said Lee Hopley, chief economist at EEF, the manufacturers' organisation. |
| "The trend in exports remains downbeat... while some of the decline can be attributed to oil, there has been a slide in manufactured exports generally over the past year. | |
| "The data provide yet another reminder that the export part of the rebalancing equation continues to face some significant challenges." | "The data provide yet another reminder that the export part of the rebalancing equation continues to face some significant challenges." |