Thursday, August 09, 2012
Exports take a hit
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

Apart from the headline widening of the trade deficit in June to 4.3 billion, from 2.7 billion in May - and a second quarter widening to 11.2 billion, from 7.8 billion in the first quarter - the most disturbing aspect of the latest trade figures is the performance of exports.

The Office for National Statistics says export volumes, excluding oil and erratic items, fell by 3.3% in the second quarter, while import volumes dropped by 0.5%. There is clearly a eurozone effect here: in the second quarter the value of exports to the rest of the EU was down by 9.9% on a year earlier, while non-EU exports were up by 9.7%. More here.