UK Trade Deficit Swells in November

Britain’s trade deficit ballooned in the penultimate month of 2016 as a weak pound failed to drive up exports enough to offset rising imports in the month of November, fresh data has shown.

The UK’s deficit on trade in goods and services was estimated to have been 4.2 billion pounds ($5.09 billion) in November, a widening of 2.6 billion pounds from October, as the value of imports rose by 3.3 billion pounds while the exports increased by 700 million pounds.

The widening of the deficit was attributed by the statistics agency to trade in goods in which there were increased imports from both European Union (EU) and non-EU countries, partially offset by an increase in exports to EU countries. At the commodity level, the ONS said that the main cause of the widening monthly deficit had been an increase of the deficit for both semi-manufactures and finished manufactures.

Leave a Comment