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U.K. goods trade deficit narrows to GBP9.7 billion in October

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Investing.com - The U.K.'s goods trade deficit narrowed less-than-expected in October, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said the country's goods trade deficit narrowed to a seasonally adjusted GBP9.73 billion in October from a deficit of GBP10.01 billion in September. Economists had expected the goods trade deficit to narrow to GBP9.35 billion in October.

Seasonally adjusted, the U.K.'s deficit on trade in goods and services was estimated to have been GBP2.6 billion in October, unchanged from September.

There was a deficit of GBP9.7 billion on goods, partly offset by an estimated surplus of GBP7.1 billion on services.

Exports of goods to countries within the European Union decreased by GBP0.5 billion to GBP12.1 billion. Over the same period imports of goods from the EU decreased by GBP.2 billion to GBP18.5 billion.

U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.

Following the release of the data, the pound was higher against the U.S. dollar, with GBP/USD rising 0.07% to trade at 1.6439.

Meanwhile, European stock markets remained mixed in rangebound trade. London's FTSE 100 inched up 0.05%, the EURO STOXX 50 dipped 0.1%, France's CAC 40 shed 0.1%, while Germany's DAX tacked on 0.1%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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