UK trade deficit narrows as exports hit a record growth

The UK’s trade deficit narrowed sharply in October, as the value of exports hit a record high new official figures have shown.UK trade deficit narrows as exports hit a record growthThe Office for National Statistics (ONS) said the deficit in goods fell to £7.6 billion, down from £10.2 billion September.

Exports of goods rose to a record £26.5 billion, while imports fell from September’s record £34.6 billion to £34.1 billion.

There was a particularly strong rise in exports of chemicals, medical products, and telecoms equipment, the ONS said.

Despite the improvement, economists urged caution and forecast that the improvement was unlikely to be repeated.

Separately, ONS figures showed that the price of goods leaving UK factories eased in November, confirming predictions that inflation could be edging down.

Producer output prices rose by 5.4% last month year-on-year, down from 5.7% in October.

Input prices were 13.4% higher on the year, compared with 14.3% in October.

December 19, 2011  Tags: , , , , , ,   Posted in: Business Development, Business Growth, Business Services, Business Win, Exporting Businesses, Global Businesses, Growing Businesses, Growing Economy, Uncategorized, Winning Business

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