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UK August Trade Deficit Expands to USD27.2B
(MENAFN) The UK’s trade deficit expanded to £20.3 billion ($27.2 billion) in August, marking an increase from July, the Office for National Statistics (ONS) reported Thursday.
Analysts had forecast a larger gap of £21.8 billion ($29.2 billion), but the actual figure fell short of those predictions.
In August, goods exports fell 3.3% month-on-month to £31 billion ($41.6 billion), while goods imports remained steady at £51.3 billion ($68.8 billion).
Trade with the European Union showed notable shifts: exports to EU countries dropped 5.3% to £14.7 billion ($19.7 billion), whereas imports rose slightly by 0.8% to £27.6 billion ($37 billion), creating an EU trade deficit of £12.8 billion ($17.2 billion).
Non-EU trade also faced challenges, with the deficit reaching £7.5 billion ($10.1 billion). Exports to these countries declined 1.5% to £16.2 billion ($21.7 billion), while imports slipped 0.8% to £23.7 billion ($31.7 billion).
The US remained a key market with exports decreasing by £0.7 billion ($0.94 billion), primarily due to reductions in machinery and transport equipment, chemicals, and material manufactures. Imports from the US also declined by £0.5 billion ($0.67 billion), largely driven by lower purchases of refined and crude oil.
"There have been considerable changes in the United States international trade policy in recent months, which has posed challenges for UK businesses," the ONS noted.
According to the statistics office, about 32% of businesses with 10 or more employees that exported goods over the past year reported being affected by US tariffs in the last month.
Analysts had forecast a larger gap of £21.8 billion ($29.2 billion), but the actual figure fell short of those predictions.
In August, goods exports fell 3.3% month-on-month to £31 billion ($41.6 billion), while goods imports remained steady at £51.3 billion ($68.8 billion).
Trade with the European Union showed notable shifts: exports to EU countries dropped 5.3% to £14.7 billion ($19.7 billion), whereas imports rose slightly by 0.8% to £27.6 billion ($37 billion), creating an EU trade deficit of £12.8 billion ($17.2 billion).
Non-EU trade also faced challenges, with the deficit reaching £7.5 billion ($10.1 billion). Exports to these countries declined 1.5% to £16.2 billion ($21.7 billion), while imports slipped 0.8% to £23.7 billion ($31.7 billion).
The US remained a key market with exports decreasing by £0.7 billion ($0.94 billion), primarily due to reductions in machinery and transport equipment, chemicals, and material manufactures. Imports from the US also declined by £0.5 billion ($0.67 billion), largely driven by lower purchases of refined and crude oil.
"There have been considerable changes in the United States international trade policy in recent months, which has posed challenges for UK businesses," the ONS noted.
According to the statistics office, about 32% of businesses with 10 or more employees that exported goods over the past year reported being affected by US tariffs in the last month.
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