The Office for National Statistics has released the UK trade activity for August 2016. The UK import and export trade is a main contributor to the economic growth of the UK. The main points from August cover two months of data following the EU Referendum.
The data showed that the UK’s deficit on trade in goods and services were estimated at £4.7 billion in August 2016, widening by £2.5 billion from July 2016. Exports also increased by £0.1 billion and imports increased by £2.6 billion.
During the three months to May 2016 and the three months to August 2016, the UK’s trade in goods deficit with the EU widened by £0.8 billion to £23.9 billion. During the same comparison periods, the UK’s trade in goods deficit with countries outside the EU widened by £2.5 billion to £10.7 billion, attributed to a decrease in exports (1.3%) and an increase in imports (4.3%).