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Uk Trade Deficit Narrows To Seven-Month Low

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http://www.theguardian.com/business/2014/dec/10/uk-trade-deficit-narrows-october-exports-oil-imports

Britain’s trade deficit narrowed to a seven-month low in October, as the country imported less oil and exports climbed, including silver to India.

The trade deficit in goods dropped to £2bn in October from £2.8bn in September, the lowest since March. The Office for National Statistics said exports rose by £200m between September and October to £24.3bn, mainly owing to higher exports of erratic items, notably silver.

Imports fell by £700m in October, driven by lower oil imports from countries outside the EU, returning to more normal levels after September’s high, the ONS said.

North Sea oil platforms came back online, reducing oil imports, while lower oil prices might also have helped, noted Rob Wood, chief UK economist at Berenberg. He added: “There will be more to come on that score. The UK is a net oil importer, so weaker prices for the black gold should improve the UK’s trade balance.”

The export led recovery kicks in....

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lol. Exporting silver to China etc. And so quite literally we are down to the family silver now!

It's all gidiot's got left.

March of the trade deficit. Risen nearly 50% since Osborne took over. Will predictable end in tears sooner or later.

Bit of a race on now between sterlings, euro and rouble as to which crashes first. Important if you want to buy a house somewhere in the EZ.

Edited by R K

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Does anything think they have a clue, or are they just making it up as they go along in the hope that something will turn up to save them?

Perhaps the idea is to leave Labour holding the 'bomb' after the General election.

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Does anything think they have a clue, or are they just making it up as they go along in the hope that something will turn up to save them?

Perhaps the idea is to leave Labour holding the 'bomb' after the General election.

I have a feeling they thought they'd achieved that after the 97 election, and Labour managed to pull a bubble out of the hat.

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Does the graph jump up post 2009 due to sterling devaluation?

It must have helped exports a little but I'm guessing the income impairment in derivatives trading and MBS securitisation post-2008 has cost the country more. The jump in imports has been caused largely by the inexorable decline of North Sea oil + gas.

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It must have helped exports a little but I'm guessing the income impairment in derivatives trading and MBS securitisation post-2008 has cost the country more. The jump in imports has been caused largely by the inexorable decline of North Sea oil + gas.

and the recovereh! don't forget that.......

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Just to say that from the chart posted earlier that to date that trade deficit has quadrupled since year 2000 and it's doubled since about year 2010.

It's been increasing at a faster rate since the last general election and especially fast during the last year.

Edited by billybong

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The link below is a 9 September guardian headline - with a quote



http://

www.theguardian.com/business/2014/sep/09/uk-trade-deficit-widens-unexpectedly

UK trade deficit widens unexpectedly in July
£10.2bn deficit close to worst monthly total, as NIESR estimates UK economy grew by 0.6% in three months to end of August
The £10.2bn deficit figure ties in roughly with the chart posted earlier in the thread.
Edited by billybong

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From the OP's guardian link


Britain’s trade deficit narrowed to a seven-month low in October, as the country imported less oil and exports climbed, including silver to India

It's great to see Britain is manufacturing silver now - it all helps to rebalance the economy.

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I didn't realise we made and exported so much silver!

I guess we refine a lot of it - I wonder what the spread between the cost of the ore and the refined metal price is?

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