Economic Buzz: UK Trade Deficit Narrows By 1.3 Billion Pounds In Q3

11 Nov 2022 , 03:02 PM

According to the data released by Office for National Statistics, total imports of goods in UK decreased by ?2.8 billion (5.0%) in September 2022, with imports from EU countries decreasing by ?1.9 billion (7.3%) and imports from non-EU countries falling by ?0.9 billion (3.0%). The decrease in imports from non-EU countries was primarily driven by a ?1.3 billion decrease in fuel imports, linked to falling gas imports from Norway and falling oil prices during September. Total exports of goods decreased by ?1.6 billion (4.7%) in September 2022, with exports to EU countries falling by ?0.9 billion (5.1%) and exports to non-EU countries decreasing by ?0.7 billion (4.2%). The total trade in goods and services deficit narrowed by ?1.3 billion to ?23.7 billion in Quarter 3 (July to Sept) 2022, but has remained relatively unchanged over the past three quarters. Removing the effect of inflation, total imports and exports of services remained at similar levels to August 2022. Removing the effect of inflation, the total trade deficit, excluding precious metals, narrowed by ?8.1 billion to ?8.7 billion in Quarter 3 2022.Powered by Commodity Insights