The UK’s visible trade deficit narrowed in June, while the surplus in services grew, leading to a smaller total trade gap, data from the Office for National Statistics showed Friday.
The visible trade deficit decreased to GBP 11.38 billion from GBP 12.52 billion in May. Economists had forecast a shortfall of GBP 11.90 billion.
The surplus in the services trade grew to GBP 9.52 billion from GBP 9.38 billion in the previous month.
The total trade deficit fell to GBP 1.86 billion from GBP 3.14 billion. Economists had predicted a gap of GBP 3.6 billion.
Overall exports rose 2.7 percent month-on-month in June after a 2.2 percent increase in May. Imports edged up 0.2 percent following a 1.2 percent increase.
On a year-on-year basis, exports increased 4.4 percent and imports grew 3.2 percent in June.