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!  

Start your own projects. See our RESOURCES page.
Make connections via our GROUPS 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:  

Richard Heinberg on Our Renewable Future

Richard Heinberg discusses our renewable future and how to get there.

Peak Oil Review - Mar 2

A weekly roundup of peak oil news, including: -Oil and the global economy …

Oil Prices Don’t Change Because of Rig Count

Oil prices don’t change based on weekly rig count reports. Yet every …

Energy policy - Mar 1

Syriza: another energy is possible / Renewable energy grab in the Sahara? / …

The Great Game in the Holy Land

Guess what? Almost all the current wars, uprisings, and other conflicts in …

North Dakota Considers Weakening Standards on Radioactive Drilling Waste as Oil Prices Collapse

As the collapse of oil prices threatens North Dakota's shale drilling rush, …

Peak Oil Notes - Feb 26

A mid-week update. Oil prices fell on Monday and Tuesday this week on …