UK trade gap widens as global growth hits exporters

The UK trade deficit hit a record 28.3bn pounds in the second quarter, according to figures released by the Office for National Statistics (ONS) today.

The figures showed exports dropped by 4.9% as a slowing global economy made life difficult for British firms selling abroad. Imports also slipped, but only by 0.5%.

The £28.3bn figure compares to a gap of £25bn seen in the first quarter, suggesting life is becoming more difficult for exporting businesses.

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In June the trade deficit came in at £10.1bn, worse than predicted by most economists, although the ONS says a higher number than usual public holidays accounts for some of this.

BS