Goods trade deficit narrows in July

The goods trade deficit narrowed in a July, driven by a sharp rise to exports to outside the EU.

The UK’s deficit on trade in goods and services fell to £1.5bn over the month, compared with a deficit of £4.3bn in June, according to official figures from the Office for National Statistics.

Exports to countries outside of the EU increased by £1.3bn to £13.2bn, and imports fell by £1bn to £16.1bn.

In terms of commodities, oil and consumer goods made up the majority of the value of the exports.