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UK's trade deficit widened in the three months to October, data released by the Office for National Statistics (ONS) showed. The deficit for goods and services, excluding erratic commodities such as gold, increased by £0.8bn to £6.9bn. But the goods deficit with countries outside of the EU narrowed by £2.9bn, while the gap with EU countries widened by £1.2bn.
For the month of October, Britain’s trade deficit widened slightly to 10.781 billion pounds from 10.453 billion pounds in September, bettering Reuters forecasts for a deficit of 11.45 billion pounds. In volume terms, growth in exports outpaced that of imports during October. That said, export performance has been subdues this year compared with other European economies, suggesting sterling’s sharp fall has yet to provide a major boost to competitiveness.
The ONS also released figures for construction and manufacturing output in October. Data showed that construction disappointed again, fell 1.7 percent on the month, following a 1.6 percent drop in October. Manufacturing output increased 0.1 percent in October from September, as expected in a Reuters poll. UK manufacturing expended for the sixth month in a row. The more dominant services sector data are due to be released on Dec. 22.
“While manufacturing was relatively subdued overall in October despite record production of cars destined for export, the longer-term picture is one of strong growth,” ONS statistician Kate Davies said.
UK economy may see some green shoots in 2018. The Bank of England expects the economy to grow by 0.4 percent in Q4 and to expand by 1.6 percent in 2018. The outlook for British manufacturing, however, depends largely on the outcome of Brexit negotiations.
Cable jumped sharply from the low of 1.3316 made yesterday to break psychological resistance at 1.3500 and jumped till 1.35200. Near-term support is around 1.3430 and any break below will drag the pair to next level till 1.337/1.3300. Near-term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680.
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