UK Trade Deficit Widens After Rise in Heavy Vehicles

A demand for foreign trucks and lorries has worsened Britain’s trade deficit as transport companies scramble to buy vehicles to ferry around internet shopping deliveries in the run-up to Christmas.

The rise in imports of heavy goods vehicles sent the total trade deficit to £4.1bn in October, from a revised £1bn in September.

The Office for National Statistics (ONS) attributed much of the widening deficit to the trade in goods, where the gap reached £11.8bn in October, compared with £8.8bn the previous month, dealing a blow to the government’s efforts to rebalance the economy towards manufacturing.

Analysts said the export of manufactured goods held up well but was unable to keep pace with rising imports.

via The Guardian

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza