The deficit of trade in goods and services for July 2013 was £3.1 billion compared with a deficit of £1.3 billion in the previous month. This is the largest deficit since October 2012 (£3.5 billion).
The deficit on trade in goods was £9.9 billion in July 2013. The trade position reflects exports minus imports. Exports of goods fell 7.6% on the month to £24.8 billion for July 2013. Imports for the same period fell 1.0% to £34.7 billion.
In July, exports of all commodities except fuel fell. The most significant decrease was exports of finished manufactures. Within finished manufactures, machinery and transport equipment to countries outside the EU proved to be the main contributor, specifically exports of aircraft. Exports of fuel saw an increase due to trade in oil within the European Union (EU).
Imports of manufactured goods fell by £0.5 billion in July 2013 from June. The overall decrease in imports was partially offset by an increase in imports of fuel. Evidence suggests that there was a rise in imports of oil from countries outside the EU, specifically Norway, Algeria and Russia.
In July 2013, exports of goods to countries outside of the EU decreased by £2.2 billion to £11.8 billion. Exports to countries within the EU increased by £0.2 billion over the same period to £13.0 billion. As of 1 July 2013, Croatia joined the EU. Therefore, the EU totals now include Croatia.
Trade statistics for any one month can be erratic. For that reason, it is recommended to compare the latest three months against the preceding three months and the same three months of 2012.
Source: Office for National Statistics
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