First Time Monthly UK Exports to China Reach 1 Billion

Britain’s monthly exports to China have hit the £1bn level for the first time amid signs that UK firms are diversifying away from the crisis-hit eurozone.

The Office for National Statistics said there had been a marked shift in Britain’s trading patterns over the past 18 months as it revealed that the country’s trade gap narrowed by £600m in April.

Latest data showed that the trade gap in April fell from £3.2bn to £2.6bn as imports fell more sharply than exports. An £8.2bn deficit in goods was partly offset by a £5.6bn surplus in trade in services.

Both imports and exports fell in April, but the 2.7% decline in the value of imports outstripped the 1.3% drop in exports.

Over the three months to April – considered a better guide to the underlying trend by the ONS – the deficit in goods and services widened by £500m to £9bn.

via The Guardian

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