- The UK deficit in trade in goods and services was £3.3bn in July 2014, compared with £2.5bn in June 2014
- There was a deficit of £10.2bn on goods in July, partly offset by an estimated surplus of £6.8bn
- Manufacturing output in July 2014 up 0.3% on the month, up 2.2% on the year
- Total industrial production in July 2014 up 0.5% on the month, up 1.7% on the year
Commenting on the trade figures and the production figures published today by the ONS, David Kern, Chief Economist at the British chambers of Commerce (BCC) said:
“These figures highlight the strength of the recovery and the challenges still facing the UK economy. On the positive side, the production figures confirm that the recovery is still on course, although the pace of manufacturing growth shows some signs of easing.
“However it’s a concern that the trade deficit has widened, as this will hamper our ability to rebalance the economy. Stagnation in the eurozone remains a challenge, and reinforces our position that the MPC should not raise interest rates in the immediate future.
“The UK still has a long way to go before it is fulfilling its true potential on international trade. It is clear that more support is still needed to help UK businesses – both those that have not exported before and those looking to break into new and fast-growing markets overseas.”