The U.K. visible trade deficit widened to a three-month high in October on rising imports, the Office for National Statistics reported Thursday.
The visible trade deficit increased more-than-expected to GBP 11.8 billion from GBP 8.8 billion in September. This was the highest shortfall since July, when it totaled GBP 12.2 billion. It was forecast to rise to GBP 9.6 billion.
The trade in goods widening was mainly the result of a large increase in imports of goods, up GBP 2.3 billion to GBP 35.4 billion. Meanwhile, exports of goods decreased by GBP 0.7 billion to GBP 23.5 billion.
At the same time, the surplus on trade in services remained unchanged at GBP 7.7 billion.
As a result, the total trade deficit that includes goods and services increased to GBP 4.1 billion from GBP 1.1 billion a month ago.
The report showed that the visible trade gap with EU nations totaled GBP 8.1 billion versus GBP 7.1 billion deficit in September. Likewise, non-EU trade deficit increased to GBP 3.7 billion from GBP 1.7 billion.
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