Oil cuts UK’s trade deficit

Chris Papadopoullos
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THE UK’s trade deficit – the value of exports minus the value of imports – narrowed to £2bn in October from £2.8bn in September, according to figures published yesterday by the Office for National Statistics.

Total exports rose to £42bn while imports fell to £44bn.

The main contributor was a fall in oil prices – crude import values fell by £0.9bn.

This improved the trade deficit on goods, which was £9.6bn. Services ran a surplus of £7.6bn.

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