–Dec global goods deficit Stg9.247bn vs Stg8.46bn in Nov
–Dec global goods/services deficit Stg4.831bn vs Stg3.947bn in Nov
–Dec global goods deficit ex oil/erratics Stg8.175bn vs Stg7.382bn Nov
–Dec global goods deficit median forecast Stg8.7bn; total Stg4.0bn
LONDON (MNI) — The UK’s trade in goods deficit widened to a record
high in December as imports of aircraft surged and exports were possibly
hit by the adverse weather during the month, figures from National
Statistics showed Wednesday.
The trade in goods gap widened to Stg9.247 billion in December from
Stg8.46 billion in November, above the median forecast for a shortfall
of Stg8.7 billion and the highest since monthly records began in 1980.
National Statistics said that part of the worsening in the deficit
was due to imports of aircraft which totalled Stg652 million in
December, ahead of a change in their VAT treatment in January.
The total value of goods imports rose 3.5% between November and
December, compared with a 1.5% rise in exports.
While the higher value of imports of aircraft may have boosted the
overall deficit, the underlying shortfall, excluding oil and erratic
items (aircraft are included in the latter), also hit a record high of
Stg8.175 billion.
The figures appear to show that the UK’s export led recovery could
be grinding to a halt, but the cold weather in December could well be to
blame. National Statistics said there was evidence from ports that
activity had been hit during the month, and it was possible that exports
had been hit harder than imports.
A spokesperson, however, did add that the picture was not clear and
that there was also evidence that while some ports and airports had seen
activity on some days affected, they may have made this back up on other
days.
Including services the total trade shortfall widened to Stg4.831
billion in December from Stg3.947 billion in November, above the median
forecast for a Stg4 billion deficit.
For 2010 as a whole the goods trade shortfall widened to Stg97.2
billion from Stg82.365 billion in 2009, the highest on record.
–London newsroom: 020 7862 7492; email: drobinson@marketnews.com
[TOPICS: M$BDS$,M$B$$$,MT$$$$,MABDS$]