- The UK trade deficit in goods and services was £3.3bn in August 2015, a narrowing of £1.2bn from July 2015.
- In the three months to August 2015 the UK trade deficit in goods and services was £1.3bn larger than in the previous three months.
- In the three months to August 2015 the trade surplus in services was £0.5bn larger than in the previous three months.
- The combined trade deficit of the first two months of Q3 (July and August) 2015 is already double the total trade deficit in Q2 (April to June) 2015.
Commenting on the trade figures for August 2015 published today by the ONS, David Kern, Chief Economist of the British Chambers of Commerce, said:
“While it is welcome that the deficit declined in August, we now know that the July deficit was larger than previously estimated. Taking July and August together the figures point towards a deterioration in the trade deficit in Q3 2015. This confirms our earlier assessment that the significant improvement seen in Q2 was only temporary.
“The large trade deficit remains a major national problem. This is particularly true when we consider that other areas of our current account, notably the income balance, remain statistically insignificant.
“Greater efforts are needed to support our exporters and to secure a long-term improvement in our trading positon. The services sector, which recorded a surplus in trade, will be increasingly relied upon to help improve our trade deficit.”