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Trade deficit in the United Kingdom narrowed during the third quarter of this year, helping to deliver a solid economic growth in the country. The trend is likely to continue through the next quarter as well.
The United Kingdom’s exports of goods and services rose 6.1 percent in the three months to September, data released by the Office for National Statistics (ONS) showed Wednesday, buoyed by a 6.1 percent rise in exports of goods only. Exports of services fell 0.1 percent.
The improvement helped the overall trade deficit narrow by GBP1.6 billion to GBP11.0 billion, with the goods deficit down by GBP1.5 billion to GBP33.2 billion, data showed.
"The better trend in the trade data corroborates survey evidence indicating the export performance has improved in recent months, with the upturn in exports continuing into October. The IHS Markit/CIPS Manufacturing PMI survey has indicated a strong upturn in export orders since August, corresponding with the weakened exchange rate," said Chris Williamson, Chief Business Economist, IHS Markit.
He further stated that the three months to October has been the best period for exporters for five-and-a-half years in terms of winning new overseas orders according to the purchasing managers’ survey, with many firms reporting that the gains have been the result of the more competitive exchange rate.
