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| UK trade deficit widens to £1.6bn in June | UK trade deficit widens to £1.6bn in June |
| (about 5 hours later) | |
| The UK trade deficit almost doubled in June to £1.6bn, from £885m the previous month, the Office for National Statistics (ONS) has said. | The UK trade deficit almost doubled in June to £1.6bn, from £885m the previous month, the Office for National Statistics (ONS) has said. |
| A deficit of £9.2bn on goods was partly offset by a £7.6bn surplus on services. | A deficit of £9.2bn on goods was partly offset by a £7.6bn surplus on services. |
| Exports fell slightly, reflecting in part weaker demand in the eurozone. | Exports fell slightly, reflecting in part weaker demand in the eurozone. |
| Despite the sharp monthly increase, the deficit for the second quarter was, at £4.9bn, the smallest since the second quarter of 2011 and much lower than the £7.5bn deficit in the first quarter. | |
| "Concerns about manufacturers being hammered by a stronger sterling and flat eurozone demand may have been premature, although encouraging as this may be, one decent quarter doesn't necessarily signal that big contributions to [economic] growth from net trade are around the corner," said Lee Hopley, chief economist at manufacturing group EEF. | "Concerns about manufacturers being hammered by a stronger sterling and flat eurozone demand may have been premature, although encouraging as this may be, one decent quarter doesn't necessarily signal that big contributions to [economic] growth from net trade are around the corner," said Lee Hopley, chief economist at manufacturing group EEF. |
| "Indeed, the Bank of England's cautionary tone on world trade growth in its Inflation Report suggest there are still downside risks a-plenty." | "Indeed, the Bank of England's cautionary tone on world trade growth in its Inflation Report suggest there are still downside risks a-plenty." |
| Total goods exports in June totalled £24.9bn, while goods imports rose to £34.1bn. | Total goods exports in June totalled £24.9bn, while goods imports rose to £34.1bn. |
| The US was the UK's biggest export market, worth £4.4bn in June, followed by Germany, at £2.7bn. France, the Netherlands, the Irish Republic and China are the next biggest export markets. | The US was the UK's biggest export market, worth £4.4bn in June, followed by Germany, at £2.7bn. France, the Netherlands, the Irish Republic and China are the next biggest export markets. |
| The UK imported goods and services worth £5.34bn from Germany in June, more than from any other country. China, the Netherlands, the US and France are the next biggest source of imports. | The UK imported goods and services worth £5.34bn from Germany in June, more than from any other country. China, the Netherlands, the US and France are the next biggest source of imports. |