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 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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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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Net exports from the UK financial sector fell last year

Net exports of the UK financial sector fell by 17% in 2009 to £41.8bn. This was the second highest figure on record but was, not surprisingly, down from £50.6bn in 2008 as a result of the ‘credit crunch’. These figures were published yesterday by TheCityUK, an independent body which promotes the UK financial services industry. Although securities dealers contributed £1.4bn, … Continue reading

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Have UK exports “hit the wall”?

The UK’s deficit on trade in goods and services widened to £3.8bn in May, compared to a deficit of £3.5bn in April. This is the worst balance of trade deficit for two years. These figures were published by the ONS today. The surplus on trade in services was £4.2bn in May, up from the £3.9bn recorded in April. On the … Continue reading

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Why has the UK trade deficit increased?

Is this more bad news? Let’s look at yesterday’s stark figures from the ONS. The UK’s trade deficit in goods and services widened from £2.2bn in February to £3.7bn in March. Although the trade in services remained in surplus to the tune of £3.8bn in March, this was down from the £4.1bn recorded in February. When it comes to the … Continue reading

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UK trade picks up at last

It has been really puzzling as to why our balance of trade has not been improving. With sterling having depreciated by 25% since the beginning of 2007, we would have expected that this surge in price competitiveness to have boosted exports dramatically. The good news is that UK exports now seem to be really motoring. Well, not so much motoring, … Continue reading

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Trade deficit widens in January

The UK’s deficit on trade in goods and services was £3.8 billion in January, compared with a deficit of £2.6 billion in December, according to figures released today by the ONS. The surplus on trade in services was slightly down at £4.2 billion in January, compared with a surplus of £4.4 billion in December. The deficit on trade in goods … Continue reading

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UK trade deficit declined in 2009

In 2009 the UK saw its first annual decline in its trade deficit since 1997. However, both imports and exports fell at their fastest rate for fifty years, with the level of imports dropping by 10.3% whilst the level of exports fell by 9.5%. Taking the deficit on trade in goods alone, this narrowed from £93.4bn in 2008 to £81.9bn … Continue reading

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