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Category Archives: Balance of Trade

UK trade deficit in August – 2nd highest on record

The UK’s deficit on trade in goods and services increased to £4.2bn in August, from £1.7bn in July, according to the Office for National Statistics. This was the second highest figure on record for the total trade deficit. Our trade in goods deficit also widened to £9.8bn from £7.3bn in July. This was due to a drop in exports and … Continue reading

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Sharp rise in UK unemployment

Recovery, what recovery? Unemployment rose by 80,000 to 2.51 million in the three months to July, according to figures released this morning by the Office for National Statistics. This means that the jobless rate now stands at 7.9%. The so-called Claimant Count – those claiming Jobseeker’s Allowance, rose by 20,300 in August to reach 1.58 million. There was also a … Continue reading

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Manufacturing falls, and trade gap worsens

On top of the looting and mayhem, the UK economy is suddenly looking very flat indeed. UK manufacturing output fell by 0.4% in June according to figures from the Office for National Statistics. This compares with an increase of 1.8% in May which had led many analysts to expect manufacturing would have risen by about 0.2% in June. There is … Continue reading

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No sign of an export-led recovery

The UK’s deficit on trade in goods reached a record level of £9.2bn in December, and compares with a deficit of £8.5bn in November. Exports rose by £0.3bn and imports rose by £1.1bn, according to figures just released by the Office for National Statistics. Fortunately, the surplus on trade in services remained robust in December, although at £4.4bn it was … Continue reading

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UK car production up by nearly thirty per cent

There was a sharp rise in car production last year, with 1.27 million cars being produced, according to the Society of Motor Manufacturers and Traders (SMMT). This was a rise of 27.8% on 2009. This is a major improvement for the industry, although output is not yet back up to the level it was before the recession. When we add … Continue reading

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UK trade deficit narrows slightly

The UK’s deficit on trade in goods and services was reduced to £4.6bn in September, compared with a deficit of £4.9bn in August according to the Office for National Statistics. In July, the deficit recorded was the highest for five years, so at least we have two months of figures moving in the right direction. When we look at the … Continue reading

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Surprise lift for UK economy

The UK economy grew by 0.8% in the third quarter of this year, following 1.2% growth in the second quarter. Most analysts had been predicting a growth figure of around 0.4%, so this is obviously good news. But, we need to bear in mind that these are provisional figures and are subject to revision at a later date. I have … Continue reading

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The truth about global exports

When we try to explain Ricardo’s theory of comparative advantage we invariably use a two country, two product example. Two hundred years ago, when Ricardo first put forward his theory of international specialisation and trade, it was really that simple. We produced something wholly within our country and sold it to their country. They produced something different, completely within their … Continue reading

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Record UK trade gap

The deficit on trade in goods widened to £8.7bn in July, which is the biggest monthly figure since this current series of measurement began in 1998. This deficit compares with one of £7.5bn in June according to figures published yesterday by the Office of National Statistics. The UK’s balance of trade on goods and services also widened from £3.6bn in … Continue reading

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