11th Oct 2024 08:16
(Alliance News) - The UK trade deficit narrowed in August to its slimmest gap since February, as exports spiked to a near two-year high, numbers on Friday showed.
The nation's total trade deficit improved to GBP955 million in August from GBP4.71 billion in July.
Exports increased 5.4% on-month to GBP73.68 billion in August, from GBP69.89 billion in July. At the same time, imports barely budged, coming in at GBP74.63 billion in August, versus GBP74.60 billion in July.
It was the highest level of exports since December 2022, when they amounted to GBP76.51 billion.
The goods trade deficit narrowed to GBP15.06 billion in August from GBP18.87 billion in July. The services trade surplus faded ever-so-slightly to GBP14.11 billion from GBP14.16 billion.
The trade deficit of goods with the EU narrowed to GBP10.11 billion from GBP12.02 billion.
By Eric Cunha, Alliance News news editor
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