UK trade deficit grew in September

The UK trade deficit grew in September more than expected, according to recent data from the Office for National Statistics (ONS). The deficit in United Kingdom foreign trade rose to 2.8 billion GBP compared to the market forecasts for a level of 2.3 billion GBP. In the previous month was even reported result of 1.8 billion GBP. In the third quarter, the trade deficit with European countries increased by 0.9 billion GBP to a level of 29 billion GBP, as the exports fell and imports increased. An interesting fact is that during this quarter, the UK deficit with Germany rose to its highest level in history.

The UK trade deficit of goods with EU countries increased by 0.5 billion GBP, while in trade in goods with countries outside the EU rose by 0.3 billion GBP. The imports from France, Germany, the Netherlands and Spain increased between August and September.

According to a survey of the Confederation of British Industry, new export orders fell in the three months to the end of October. The latest report of the organization showed up on the basis of surveys of 448 companies showed that export orders have reported the first decline in the last 18 months.

According to the economists and analysts the pace of rebalancing the UK to export is too slow. If this situation has changed radically, not only fail to reach the goal of increasing exports to 1 trillion GBP in 2020, but also jeopardize the long-term prospects for the UK.