UK visible trade deficit widened for a second straight month in July to its biggest level in a year, exceeding economists’ expectations, figures from the Office for National Statistics showed Wednesday.
The deficit in the trade in goods rose to GBP 11.082 billion from GBP 8.507 billion in June. Economists had forecast a GBP 9.5 billion shortfall.
The latest deficit figure was the biggest since the GBP 11.244 billion shortfall logged in July 2014.
The total trade deficit widened to GBP 3.4 billion from GBP 2.6 billion in the previous month. The widening was largely due to the increase in the visible trade deficit, the ONS said.
The non-EU trade deficit increased to a four-month high of GBP 3.461 billion from GBP 1.508 billion in June. Economists had forecast a shortfall of GBP 1.825 billion.
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