UK Trade Deficit Narrows To A New Low?
According to figures for October, the UK’s trade deficit has narrows to a seven-month low. This is down to a number of reasons, with less oil being imported being one of the main factors.
Imports fell by approximately £700m in the month of October, due to lower oil imports from countries outside of the EU.
“There will be more to come on that score. The UK is a net oil importer, so weaker prices for the black gold should improve the UK’s trade balance.” (Rob Wood, economist at Berenberg)
The trade deficit narrowed by £1.2bn to £30.3bn in the three months leading to October, easing the rate of decline as exports were down by approximately 0.9%.