The Office for National Statistics said that the UK trade deficit hit a record as imports increased in July while exports continued to suffer. The total deficit on goods and services rose to £4.9bn (US$7.6bn), against £3.9bn (US$6.0bn) in June according to the announcement.
“July’s dreadful UK trade figures cast further doubt over the ability of the external sector to drive the recovery once the boost from government and consumer spending fades,” said Vicky Redwood at Capital Economics. “Admittedly, some of the deterioration reflects a sharp rise in imports – in turn an indication of the strength of domestic demand. And although exports fell, this reversed only part of June’s jump.”
Source: BBC News
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