UK Visible Trade Gap Narrows In October

The UK visible trade deficit narrowed in October as exports increased amid falling imports, the Office for National Statistics reported Friday.

The visible trade deficit decreased to GBP 13.93 billion in October from GBP 14.7 billion in September. The expected shortfall was GBP 14.05 billion.

Exports grew 1.6 percent after climbing 1.9 percent in September. Meanwhile, imports dropped 0.9 percent, reversing the 3.8 percent rise a month ago.

The non-EU trade deficit declined to GBP 8.6 billion from GBP 9.1 billion in the previous month. At the same time, the EU trade deficit decreased slightly to GBP 5.3 billion from GBP 5.6 billion.

The trade in services showed a surplus of GBP 11.9 billion compared to a GBP 11.96 billion surplus in September.

As a result, the total trade balance showed a shortfall of GBP 2.03 billion, smaller than the GBP 2.78 billion deficit in September.

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