U.K. Trade Gap Narrows In Sep. As Exports Soar 1.1%
U.K. visible trade deficit narrowed to 8368 million pounds in September compared with the prior deficit of 9844 million pounds which was revised to 9984 million pounds deficit, while analysts expected the deficit to narrow to 8900 million pounds.
The advance in data is attributed to the rise in exports which soared 1.1 percent, while imports, on the flip side, fell 3.9 percent.
Capital goods and chemicals led the rise in exports while the decline in imports was led by oil and other fuels, according to ONS.
Trade balance non EU also showed a narrowing deficit to 3972 million pounds from the revised 5004 million pounds which was 4972 million pounds, yet economists predicted the deficit to decline to 4600 million pounds.
Exports to the 27- nation region plummeted 0.1 percent on the monthly basis, while imports slipped 3.5 percent.
Total trade shortfall retreated to 2699 million pounds from Augusts` deficit of 4169 million pounds after it was revised to 4309 million pounds deficit, which is better than forecasts of 3200 million pounds deficit.