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Widening trade deficit stokes rebalancing fears

The Office for National Statistics has revealed the UK's trade gap swelled to £2.8bn in September, from £1.8bn in August. The country imported £9.8bn more than it sold overseas, but the figure was partly offset by a surplus in the value of services sold abroad. Goods exports to the eurozone fell 11% in the quarter compared to the same period last year, whilst imports from the single-currency zone fell by just 6%. Exports to the rest of the world were down 3% year on year, although imports were down more sharply at 5.2%. The data prompted the British Chambers of Commerce to call for more Government support for exporters.

 

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