- UK trade deficit in goods and services was £5.1 billion in June 2016, a widening of £0.9 billion from May 2016.
- UK trade deficit in goods and services was £24.5 billion in the first half of 2016, compared to a deficit of £15.8 billion in the first half of 2016.
- Exports increased by £1.0 billion and imports increased by £1.9 billion
Commenting on the UK trade figures for June 2016, published this week by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“June’s disappointing trade figures point to a longer term weakness in the UK’s underlying trade position, with the deficit for the first half of 2016 markedly higher than for the same period in 2015. The persistent weakness in global trade growth since the financial crisis, particularly in key markets, has continued to stifle the UK’s export performance.
“We could still see an improvement in the UK’s trade position in the coming months as the cut in UK interest rates places further downward pressure on sterling, making UK exports more price competitive. However, much of the positive sterling effect could be negated as many exporters also import, so could face higher cost pressures.
“As the government begins to renegotiate the UK’s position outside the EU, it is vital that it delivers the best possible terms of trade for all British businesses, as well as improving support for those firms looking to access new markets.”