BCC: Trade deficit is a major challenge for the UK

10 December 2015

• The UK trade deficit in goods and services was £4.1bn in October 2015, a widening of £3.1bn from September

• In the three months to October 2015, the trade deficit in goods and services was £2.4bn larger than in the previous three months

Commenting on the UK trade figures for October 2015 published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“After the increase in the trade deficit recorded in Q3, these figures raise the risk that trade will continue to be a drag on UK growth into the fourth quarter.

“Although the main reason for the wider deficit in October was a surge in imports, it is clear that our exports are not growing fast enough to close the gap, as our recent forecast demonstrates.

“If we are to redress the balance and reverse our long-running trade deficit more must be done to help support export growth, including improved access to funding for those looking to export.”

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