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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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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