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:  

Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …

Peak Oil Review - Aug 22 2016

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

Limitless imagination and physical limits

How do we distinguish those ideas that are forever going to remain in the …

Some Reflections on the Twilight of the Oil Age (part III)

The impact of the Tooth Fairy Syndrome is all the more felt in the main …