Economic Buzz: UK Trade Gap Narrows

12 Sep 2022 , 04:07 PM

UKs trade gap narrowed to 7.8 billion pound in July. The Office for National Statistics (ONS) said the UKs total trade deficit in July eased back from 11.4 billion pound in June. The figures showed imports of fuels hit a new record high as the Russian war continues to wreak havoc on oil and gas markets, reaching more than 11 billion pound. This accounts for a record 21% of all goods imported. In the three months to July, the UK trade deficit, excluding precious metals, widened by 1.2 billion pound to 27 billion pound compared with the three months to April 2022, according to the ONS.Powered by Commodity Insights