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UK trade deficit widened in August

FXStreet (Mumbai) - The data released by the UK Office for National Statistics (ONS) on Friday showed the UK suffered larger-than-expected trade deficit in August, while construction output fell at its fastest pace since 2002.

The goods trade deficit printed at GBP 11.1 billion, compared with an upwardly revised GBP 12.2 billion in July. The markets were expecting the figure to print at GBP 9.9 billion. Meanwhile, construction output fell 4.3%.

Exports rose 3.5% after having suffered a 9% drop in the prior month, while imports fell 0.7%. However, the total trade deficit narrowed in August to GBP 3.3 billion, compared to the forecast of GBP 2.2 billion.

The data clearly shows the slowdown in the global economy is taking its toll on the UK international trade. More worrying sign is the drop in the imports, which represents weak domestic demand despite uptick in the wages and tightening labor market conditions.

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