- The UK trade deficit in goods and services was £1.4bn in September 2015, a fall of £1.6bn from August 2015
- However, in the third quarter as a whole the trade deficit in goods and services was £8.5bn, a widening of £5.1bn compared with Q2
- In Q3 2015 the goods deficit worsened by £5.9bn, while the services surplus improved by £0.8bn
Commenting on the UK trade statistics for September 2015 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“While it is good news that the trade deficit improved in September, we know that monthly figures can be erratic, and the more representative quarterly figures show a significant worsening between Q2 and Q3 2015.
“This is disappointing because it confirms our assessment that the improvement recorded in Q2 was only temporary.
“In addition to the unsustainably large trade deficit, the total current account deficit is even larger as a result of a large deficit in net income from foreign investment.
“Against this background we clearly need a national strategy that will help our exporters to achieve their export ambitions.”