Belfast Telegraph

UK Website Of The Year

Falling pound fails to boost exports

By Holly Williams

Published 10/11/2016

Figures from the Office for National Statistics (ONS) have shown the goods and services deficit rose from £3.7bn in August as exports fell by £200m and imports lifted by £1.2bn (stock picture)
Figures from the Office for National Statistics (ONS) have shown the goods and services deficit rose from £3.7bn in August as exports fell by £200m and imports lifted by £1.2bn (stock picture)

Britain's trade gap widened to a worse-than-expected £5.2bn in September as the plunging pound offered little help to boost flagging exports.

Figures from the Office for National Statistics (ONS) showed the goods and services deficit - the gap between exports and imports - rose from £3.7bn in August as exports fell by £200m and imports lifted by £1.2bn.

The trade gap narrowed overall in the third quarter to £11bn from £12.6bn in the previous three months as exports of goods rose by 6.1% thanks to strong overseas demand in the immediate aftermath of the Brexit vote. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the figures "pour more cold water on hopes that sterling's depreciation will drive an export-led revival".

He said the Brexit-hit pound may help net trade next year but warned "the restructuring of the economy towards exports look set to be particularly sluggish". The ONS said imports hit a record £38.8bn in September, up by £1.3bn since August, due to growing demand for ships, material manufactures and road vehicles.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph