The Office for National Statistics (ONS) has reported a slightly widened UK trade gap for November.
The goods trade deficit widened to £7.38 billion from £7.35 billion in October, despite analysts having predicted a figure of £7.23 billion, while the deficit on trade in goods and services rose from £4.3 billion in October to £4.4 billion in November.
“The figures are a little worse than expectations, but they don’t alter the picture significantly. The UK’s external position is poor,” explained Investec’s Philip Shaw.
It is possible a weaker pound may reduce the deficit in the future, although analysts say that a consumer spending slowdown is not expected to be offset by the UK’s external sector.
