UK goods trade deficit widens in amid higher oil and gas imports

(Alliance News) - The UK's trade in goods deficit widened in August from the prior month, as exports fell and imports increased, according to data from the Office for National Statistics on Thursday.

In August, the UK's total exports of goods - excluding precious metals - fell 2.2% to GBP30.9 billion from July. Imports rose 1.7% to GBP47.6 billion. This results in the UK's trade deficit widening by GBP1.5 billion to GBP16.7 billion.

The trade deficit with the EU shrunk by around GBP200 million to GBP11.1 billion, as imports fell 0.7% to GBP26.4 billion, while exports rose 0.2% to GBP15.3 billion.

Meanwhile, the non-EU trade deficit widened by GBP1.7 billion to GBP5.7 billion, as imports rose 4.9% to GBP21.2 billion, while exports fell 4.5% to GBP15.6 billion.

"The rise in imports from non-EU countries was mainly the result of higher imports of oil and gas," the ONS said.

By Elizabeth Winter, Alliance News senior markets reporter

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