UK's trade deficit slightly down in November

08:39, January 13, 2010      

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UK's trade deficit in November last year was slightly narrowed from October's 3.1 billion pounds (about 5 billion U.S. dollars) to 2.9 billion pounds, official figures showed here Tuesday.

The country's goods trade deficit was 6.8 billion pounds, down 3.3 percent from October, according to the Office for National Statistics.

The goods imports fell by 0.8 percent from October to 27 billion pounds, while exports were broadly unchanged at 20.2 billion pounds.

"The UK trade figures continued to disappoint in November, with the lower pound still having little visible positive effect," said Vicky Redwood, an economist from Capital Economics, "But the lower pound will boost net trade eventually."

It is worth noting that the goods trade deficit with non-EU countries in November was 3 billion pounds, the lowest level since November 2005. That with EU countries, Britain's largest trading partner, was its largest since January 2008 at 3.8 billion pounds.

Economists have the common sense that the British economy has stepped out of recession in the last quarter of 2009 and the domestic demand would continue to be the key driver to help the economy out of the recession and boost the growth. But over the long term, the weak pound would be helpful in boosting the UK's export and economic growth.

Source: Xinhua
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