British official trade deficit steadies in July

13th September 2011, Comments 0 comments

Britain's trade-in-goods deficit stood at £8.9 billion ($14.0 billion) in July, unchanged from the level in June, as imports and exports hit record highs, official data showed on Tuesday.

Analysts had forecast a deficit of £8.5 billion in July, according to a survey by Dow Jones Newswires.

Exports jumped 5.6 percent in July to a record high £25.4 billion and imports advanced 4.3 percent to an all-time peak of £34.3 billion, the Office for National Statistics said in a statement.

"The rise in exports of goods was driven by increased exports of oil," the ONS said. "The rise in imports of goods was driven by increased imports of chemicals."

© 2011 AFP

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