In its statistical bulletin for UK Trade in June 2013, issued on Friday, the Office for National Statistics (ONS) revealed that the UK goods trade deficit dropped to its lowest amount since last year, with the difference between imports and exports shrinking to £8.1bn in June this year, compared to £8.7bn in the previous month. UK Trade official figures show the extent of import and export activity and the latest data indicates positive economic activity, with the manufacturing sector gaining momentum.
The seasonally adjusted figures for the UK deficit on trade in goods and services were calculated at £1.5bn for June, in comparison with a deficit of £2.6bn in May 2013. A deficit of £8.1bn on goods was partly offset by a surplus on services that was estimated to be £6.5bn Exports of goods to countries outside of the European Union (EU) increased by £1.3bn to £14.2bn during June this year, with £1.1bn related to the export of finished manufactures, especially aircraft and works of art. Trade in goods with EU countries stayed the same during the month.
The second quarter of this year saw a deficit on trade in goods of £24.9bn, a decrease from the £26.5bn deficit in the first quarter this year. Also, exports of goods during the second quarter of 2013 were the highest on record at £78.4bn, while imports of goods were shown to be at their highest level since the three months to November 2011, having increased £103.3bn.
A separate bulletin from ONS also revealed that construction output rose by 1,4% in second quarter of 2013, an increase to the previous estimate of 0.9%, while recent ONS figures have also indicated that manufacturing output in June was at its highest since the end of 2010.