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U.K. goods trade deficit widens to £11.1 billion in July

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Investing.com -

Investing.com - The U.K.'s goods trade deficit widened more than expected in July, official data showed on Wednesday.

In a report, the U.K. Office for National Statistics said the country's goods trade deficit rose to a seasonally adjusted £11.08 billion from a deficit of £8.51billion in June. Economists had expected the goods trade deficit to widen to £9.5 billion in July.

Exports of goods decreased by £2.3 billion to £22.8 billion, the lowest export figure since September 2010. This is attributed to decreases in semi-manufactures, specifically chemicals, of £1.0 billion and finished manufactures of £0.8 billion.

Imports of goods increased by £0.3 billion to £33.9 billion over the same period.

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

GBP/USD was trading at 1.5366 from around 1.5394 ahead of the announcement, while EUR/GBP was at 0.7275 from 0.7260 earlier.

Meanwhile, European stock markets were broadly higher. London's FTSE 100 jumped 1.7%, the EURO STOXX 50 rose 2%, France's CAC 40 added 2.1%, while Germany's DAX rallied 1.7%.

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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.


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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