- UK deficit on trade in goods and services was 1.4bn in November 2014 compared with 2.2bn in October 2014
- In November 2014 there was a deficit of 8.8bn on goods partly offset by an estimated 7.4bn surplus on services
- Manufacturing output in November 2014 was up 0.7% on the month and up 2.7% on the year
Commenting on the November 2014 figures for manufacturing and trade published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce said:
“The latest trade and manufacturing figures were better than most analysts expected and support the more positive assessment of the UK economy conveyed in the BCC’s Quarterly Economic Survey published yesterday.
“The improvement in the trade deficit for the second month in a row is particularly welcome. Although the narrowing of the November deficit was mainly due to a fall in imports, the more representative three monthly figures show that exports on goods increased while imports declined. And the rise in manufacturing confirms that the sector is making gradual progress and continues to expand in a difficult global environment.
“In spite of these positive figures there is no room for complacency. The UK faces a national challenge when it comes to trading the world. The MPC must persevere with low interest rates for most of this year and we need to redouble our efforts to place exports at the heart of businesses' growth strategy if we are to achieve the governments export target and rebalance the economy.”