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Reply #13: UK trade gap shrinks by biggest amount in more than 10 years [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 07:40 AM
Response to Reply #5
13. UK trade gap shrinks by biggest amount in more than 10 years

The biggest fall in Britain's trade deficit in more than a decade and an easing of inflationary pressure provided the chancellor, George Osborne, with a double dose of welcome economic news.

Figures released by the Office for National Statistics (ONS) showed sharply rising exports, and a decline in imports cut the trade gap from a record 10.2bn in September to 7.6bn in October, the biggest narrowing in a single month since modern records began in 1998. City analysts had been expecting a drop to 9.4bn.

Providing some hope for ministers that the much-sought-after rebalancing of the economy is under way, exports rose by more than 2bn in October to 26.5bn while the UK's import bill fell from 34.6bn to 34.1bn.

Britain's traditional strength in services resulted in a trade surplus of more than 6bn in October in activities such as banking and insurance. As a result, the deficit in goods and services combined contracted from 4.3bn to 1.6bn.
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