Britain's official trade deficit at record high

12th January 2011, Comments 0 comments

Britain's trade-in-goods deficit hit a record high level in November, as the impact of surging oil imports outweighed booming exports, official data showed on Wednesday.

The deficit expanded to £8.7 billion (10.5 billion euros, $13.6 billion) in November, compared with a upwardly-revised deficit of £8.6 billion in October, the Office for National Statistics said in a statement.

The November figure was worse than market expectations for a smaller shortfall of £8.3 billion, according to analysts polled by Dow Jones Newswires.

"It is clear that net trade is giving at best a limited boost to the wider economic recovery," said Capital Economics analyst Vicky Redwood.

"The big picture is that the external sector needs to start playing a much bigger role in the recovery if the economy is to weather the fiscal squeeze now under way."

© 2011 AFP

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