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:  

Shale Gas Reality Check

Recently, the EIA released its Annual Energy Outlook 2015 and so we asked …

The Community Energy Revolution

Impact investing is investing to achieve a return in something you also …

Peak Oil Review - July 27

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

Energy Crunch - Green taxes: love or hate?

Green taxes have been under attack on all fronts lately.

Nine Reasons Why Low Oil Prices May “Morph” Into Something Much Worse

Why are commodity prices, including oil prices, lagging? Ultimately, the …

Peak Oil Review - July 23

As prices continue to fall, concerns are increasing on Wall Street as to the …

A Look at the West Virginia University Assessment of Technically Recoverable Gas in the Utica Shale

Last week, members of the media breathlessly reported that the Utica Shale …