The gap between imports and exports in the UK narrowed in November, according to the Office for National Statistics (ONS).
The ONS said the gap shrank from £9.7bn in October to £9.4bn in November. It added that part of the reason behind the shrink is higher sales to recovering economies in the European Union.
"In November 2013, exports of goods to the European Union (EU) increased by £0.6bn to £12.8bn reflecting an increase in the export of chemicals of £0.4bn," the ONS said.
"Imports from the EU increased by £0.5bn to £19.2bn, a record high attributed mainly to cars," it added.
Rachel Pettigrew, Senior Economist at EEF, the manufacturers’ organisation, said:
“While today’s figures show an overall improvement in the trade deficit there is more of a mixed picture underneath. While trade in goods and export figures worsened, exports to the EU improved and trade with China reached record highs in the three months to November. Overall, the outlook for trade gives us more reasons to be positive given opportunities for growth in overseas markets and we expect export sales to pick up on balance in the year ahead.”
The International Festival for Business - IFB 2014 - is the most exciting international business initiative of 2014 and International Trade Expo will be at its heart.
A two day expo with exhibitors, seminars, workshops and networking events designed to plug your business into the engine of international trade. Expert speakers, country profiles, advice clinics and innovative solutions for the challenges of doing business in the global market place. International Trade Expo is the event for everyone concerned with international trade.
International Trade Expo 10-11th June, Echo Arena, Liverpool
-
Company DirectoryFreight RateExport RateAgency PartnershipCargo Leads