Building a world of
resilient communities.

MAIN LIST

 

UK trade deficit widens amid falling oil exports

BRITAIN'S trade deficit with the rest of the world widened unexpectedly during November, official data revealed today.

The Office for National Statistics said the gap widened to just over £4.4 billion from £4.25bn the month before as exports fell faster than imports.

The total value of exports fell two per cent to £15.5bn, mainly due to a sharp fall in oil exports, while imports sank just under one per cent to £19.9bn. Market reaction to the data was muted this morning, with gilts and interest rate futures steady while the pound hovered around an 11-year high against the dollar.

The surplus on trade in oil fell to just £202 million from £235m in October.

ONS said the Department of Trade and Industry could offer no explanation for the low number although previous months had been dogged by maintenance shutdowns in the North Sea.

The total trade deficit, which includes Britain's traditional surplus in trade in services such as insurance and banking, widened to £3.3bn in November but hit a record £10.2bn in the three months to November. A breakdown of the numbers also showed that exports to the United States fell by nearly ten per cent on the month.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Peak Oil Review - July 6

A weekly review including Oil and the Global Economy, The Middle East & …

Lab rats and the corruption of how we count

The numbers that come our way are calculated and disseminated by people who …

Citizens Can Sue Fracking Companies for Earthquake Damage, Says Oklahoma Supreme Court

Oklahoma almost never used to have earthquakes. But in the last six years …

Peak Oil Notes - July 2

 A midweek update. Despite a rally on Tuesday, New York oil …

Asia depends on Middle East for 66 % of its oil imports

Of Asia’s total incremental oil imports since 2001, 4.5 mb/d (47%) …

Rural Colorado Leads the Charge for Energy Freedom

Last week the Western Slope Colorado witnessed a huge victory for energy …

“We are in danger of winning. But….”  

First in-depth radio interview on The Winning of the Carbon War, on Radio …