9th June 2015
The UK’s trade balance data beat expectations on Tuesday June 9th, according to official data. The trade deficit narrowed to £1.2 billion in April from £3.1 billion in March; its lowest level in 13 months.
Data from the Office for National Statistics (ONS) showed there was an £8.6 billion deficit on trade in goods - a much smaller deficit than consensus estimates of £9.9 billion.
ONS analysts explained that part of the deficit dip is due to a fall in imports of oil as well as art and furniture. In addition, the figures showed there was a 23 per cent surge in exports to the US, but exports to the eurozone only rose by 0.6 per cent.
The data confirmed that UK exporters continue to struggle on weak demand from the eurozone.
The strong British pound is being cited as a factor holding back net trade, and the better-than-expected trade data saw sterling pare its losses for the day. Cable retook the 1.53 handle on the news, but has since moved back below.
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