The ONS survey of the distribution of beneficial ownership of ordinary shares in quoted companies in the UK showed that the UK stock market was valued at £1,158.4bn at the end of 2008 and that 41.5% of shares, amounting to £481.1bn, were owned by overseas investors. At the end of 2006 it weas 40%.
UK individuals owned 10.7% of ordinary shares worth £117.8bn. In 2006 it was 12.8% and when the survey began in 1963 the proportion was 54% which contrasts with the proportion owned by overseas companies at that time which was 7% and went down to 3.6% in 1981.
Insurance companies owned 13.4% worth £154.9bn, down from 14.7%. Pension funds owned 12.8% worth £148.8bn. The proportion they owned when the survey began was 6.4%. They greatly increased their percentage during the 1980s and 90s. Banks have also increased their share ownership in recent years. Their proportion increased to 3.5%, worth £40.6bn, their highest proprtion since these records began in 1963. Other financial institutions increased to 10%, worth £115.3bn, from 9.6%.
Public sector holdings have risen due to Government interventions in financial companies during the financial crisis of 2008 including the recapitalisations of RBS, Lloyds TSB and HBOS. The proportion has risen to 1.1% or from £2bn to £13bn. It had reached 3.6% in 1975.
FTSE 100 companies continue to dominate the UK stock market. Funds invested in FTSE 100 companies varied from 64.9% for individuals to 96.5% for private non-financial companies and 84.6% of investment in quoted companies was in FTSE 100 companies.
Of the 41.5% of UK ordinary shares owned by the rest of the world, 30% are owned by companies from North America, European companies owned 34% in 2008 compared to 38% in 2001, 17% by Asian companies and 15% by African companies whose percentage has increased since 2004. Australasia and Oceania now has 3% from 1% in 2004.
Friday, 29 January 2010
Trade Volumes Grow In G7
Exports from G7 countries grew 5% quarter-on-quarter in Q3 2009 and imports were also up by 4.1%. On a year-on-year basis exports were still significantly lower, down 17.5% as were imports, down 14.6% on last year.
The value of goods and services in OECD countries rose in Q3 2009. Exports were up by 7.8%, Q-on-Q and imports by 8.7%. On a Y-on-Y basis growth this year is again still very negative with exports down 22.1% and imports 24.7% but the overall trend suggests a bottoming out and turning point.
Monthly merchandise trade values seem to confirm the recovery. Total merchandise trade values in G7 countries have been increasing since April 2009 but remains below the levels reached during August 2008.
The value of goods and services in OECD countries rose in Q3 2009. Exports were up by 7.8%, Q-on-Q and imports by 8.7%. On a Y-on-Y basis growth this year is again still very negative with exports down 22.1% and imports 24.7% but the overall trend suggests a bottoming out and turning point.
Monthly merchandise trade values seem to confirm the recovery. Total merchandise trade values in G7 countries have been increasing since April 2009 but remains below the levels reached during August 2008.
Fall In Farm Incomes In 2009
Farm incomes are estimated to have fallen in 2009 according to the most recent statistics from Defra. Total income from farming (TIFF) fell by 5.7% in 2009 to £4.07bn. There was a decrease in the value of output, a fall in input costs and an increase in the Single Payment. Farm business income (FBI) on specialist pig, specialist poultry, LFA and lowland grazing livestock farms is expected to increase in 2009/10. On general cropping and specialist cereal farms FBI is expected to fall.
The value of output fell by 3.2%, though there was a significant variation between sectors. Cereals (-25%), oilseeds (-23%), potatoes (-16%) and milk (-9.7%) fell in value, whereas cattle (6.4%), sheep (21%) and pigs (17%) increased in value. The total value of output at market prices fell by 3.1% to £19.3bn. The value of intermediate consumption, items like maintenance, services, feed, fuel, fertilisers and sprays, fell 1.1% and the Gross Value Added (GVA) for the industry fell 6.2% to £7.1bn. Input costs fell by 2.2%. The cost of fuel and animal feed fell by 17% and 7.3% respectively but that was partly offset by increases in other costs.
The value of output fell by 3.2%, though there was a significant variation between sectors. Cereals (-25%), oilseeds (-23%), potatoes (-16%) and milk (-9.7%) fell in value, whereas cattle (6.4%), sheep (21%) and pigs (17%) increased in value. The total value of output at market prices fell by 3.1% to £19.3bn. The value of intermediate consumption, items like maintenance, services, feed, fuel, fertilisers and sprays, fell 1.1% and the Gross Value Added (GVA) for the industry fell 6.2% to £7.1bn. Input costs fell by 2.2%. The cost of fuel and animal feed fell by 17% and 7.3% respectively but that was partly offset by increases in other costs.
Thursday, 28 January 2010
Retailers Disappointed By Fall In Sales
The January CBI Distributive Trades Survey says that retailers were disappointed by the slight fall in sales in early January having expected a three month run of growth. The extreme weather conditions may be partly to blame for the sales figures for the usually busy New Year sales. The increase in the VAT rate may also have been an influence. Retailers expect sales in February to be about the same as last year.
Wednesday, 27 January 2010
UK Officially Out Of Recession
The latest GDP preliminary estimates show that Britain is officially out of recession. According to the ONS, GDP increased by 0.1% in the fourth qaurter of 2009. The index increased from 100.6 to 100.7 (100=2005). It means the recession is over, recovery has begun and if it can be maintained we can look towards growth. The increase is mainly due to the distribution, hotels and restaurants category with an increase of 0.4% and govermnent services with an increase of 0.2%. Output in both the production and the service industries increased by 0.1%. Between Q4 2008 and Q4 2009 GDP decreased by 3.2%.
These preliminary GDP estimates may be revised upward or downward during the next few weeks until the end of February when the Output, Input and Expenditure (OIE) estimates are published. The full set will be published in the Quarterly National Accounts in April.
These preliminary GDP estimates may be revised upward or downward during the next few weeks until the end of February when the Output, Input and Expenditure (OIE) estimates are published. The full set will be published in the Quarterly National Accounts in April.
Fall In Services Output
The Index of Services from the ONS decreased by 2.3% in November 2009 compared with November 2008. Four of the five components recorded a decrease. The only one to increase was distribution with an increase of 2.1%. The index for November 2008 was 107 but November 2009 reported an index of 104.6 (100=2005). The index increased 0.1% on last month.
The biggest contributions to the increase in distribution were retail at 3.5% and motor trade at 7.7%. Hotels and restaurants output decreased by 5.8% in November compared with the same time last year and 7.1% in the quarter compared to last year. Business services and finance decreased 4.4% on the month and 5.5% over the quarter compared to the same period last year, but recorded an increase of 0.1% on last month.
The biggest contributions to the increase in distribution were retail at 3.5% and motor trade at 7.7%. Hotels and restaurants output decreased by 5.8% in November compared with the same time last year and 7.1% in the quarter compared to last year. Business services and finance decreased 4.4% on the month and 5.5% over the quarter compared to the same period last year, but recorded an increase of 0.1% on last month.
Monday, 25 January 2010
December Sales Up On Last Year
The ONS Retail Sales bulletin for December 2009 shows an increase in both value and volume of retail sales. The value of sales increased by 3.6% and the volume 2.1% in December 2009 compared with December 2008.
The 3.6% increase in value was made up of 2.4% from food stores, 0.7% from non-food stores and 0.5% from non-store retail and repair. The 2.1% increase in volume was made up of 1.2% from food stores, 0.2% from non-food stores and 0.6% from non-store retailing and repair.
Food stores saw an increase of 4.9% in value in December, non-food stores a 1.6% increase, within which households was the main contributor with a 3.5% increase, then textiles, clothing and footwear with a 2% rise. Food stores saw a 2.8% increase in volume and non-food stores a 0.7% increase.
Prices rose by 1.2% in December. The value of Internet retail sales was £346 million or 4.9& of total retail sales.
The 3.6% increase in value was made up of 2.4% from food stores, 0.7% from non-food stores and 0.5% from non-store retail and repair. The 2.1% increase in volume was made up of 1.2% from food stores, 0.2% from non-food stores and 0.6% from non-store retailing and repair.
Food stores saw an increase of 4.9% in value in December, non-food stores a 1.6% increase, within which households was the main contributor with a 3.5% increase, then textiles, clothing and footwear with a 2% rise. Food stores saw a 2.8% increase in volume and non-food stores a 0.7% increase.
Prices rose by 1.2% in December. The value of Internet retail sales was £346 million or 4.9& of total retail sales.
Thursday, 21 January 2010
Growth In Manufacturing Output
An increase in overseas demand for UK goods and continued stock reduction saw manufacturing production increse for the first time in two years according to the latest CBI Industrual Trends survey for the three months to January 2010. Weak demand and access to finance mean that the outlook is still uncertain.
The survey reports the strongest output since January 2007 and the first increase in export orders since January last year. De-stocking is slower however and demand is weaker than expected. Business confidence is continuing to get better and more more managers are optimistic than three months ago. Fewer businesses reported reductions in staff numbers.
Business are also reported to be planning to invest in training and retraining and innovation. Capital investment in buildings is expected to be reduced but plant and machinery investments will remain almost unchanged. Firms are working below capacity and domestic prices are expected to rise.
The survey reports the strongest output since January 2007 and the first increase in export orders since January last year. De-stocking is slower however and demand is weaker than expected. Business confidence is continuing to get better and more more managers are optimistic than three months ago. Fewer businesses reported reductions in staff numbers.
Business are also reported to be planning to invest in training and retraining and innovation. Capital investment in buildings is expected to be reduced but plant and machinery investments will remain almost unchanged. Firms are working below capacity and domestic prices are expected to rise.
Farm Rents Up By Over 5% In 2008
The ONS/DEFRA estimates of farm rents statistics show Full Agricultural Tenancies (FAT), Farm Business Tenancies (FBT) and Seasonal agreements for 2004 to 2008 have risen by over 5%.
FAT agreements increased by 5.1% to £136/ha in 2008 compared with £130/ha in 2007. The FBT agreements increased by 5.4% to £160/ha largley due to an 11.4% increase in the price of cattle and sheep farms in lowland areas and a 9.8% rise in the average rent of arable farms.
The average rent for dairy farms under FAT agreements continued to rise last year to £167/ha. Cattle and sheep farms also increased again from £106/ha in 2006 to £123/ha in 2008. Seasonal agreements rent prices decreased from £117/ha in 2007 to £107/ha in 2008. The most significant contributor to the increase under FAT agreements was from general cropping farms which saw a 9.6% increase between 2007-8 and cattle and lowland sheep at 8.3%. Cattle and sheep in less favoured areas (LFA) offset the trend with a decrease of 2.3%. The overall total area of rented land decreased by 2.1% from 1,768.7 to 1,731.1 thousand ha.
As regards farms under FBT agreements the main contributors were cattle and lowland sheep with an increase of 11.4% between 2007-8 and general cropping at 9.8%. The increases were offset by a decrease in the rents of dairying land of 1.2%. The total area under FBT agreements increased by 3.2% from 1,022.2 thousand ha in 2007 to 1,054.5 thousand ha in 2008. The main contributors were cereal farms with 5.5% and cattle and lowland sheep with 5.3%. There was a fall in the area in dairying of 1.4% and general cropping of 1.1% which helped to offset the increase in area in 2008. The average rents for farms under seasonal agreements in 2008 was £107/ha, a fall of 8.5% on 2007 at £117/ha.
The most expensive area in terms of FAT agreements by region was the South East at £162/ha, followed by the East of England at £157/ha and the least expensive was the North East at £99/ha. The most expensive area by region under FBT agreements was the East of England at £180/ha and the least expensive was the North East at £147/ha.
FAT agreements increased by 5.1% to £136/ha in 2008 compared with £130/ha in 2007. The FBT agreements increased by 5.4% to £160/ha largley due to an 11.4% increase in the price of cattle and sheep farms in lowland areas and a 9.8% rise in the average rent of arable farms.
The average rent for dairy farms under FAT agreements continued to rise last year to £167/ha. Cattle and sheep farms also increased again from £106/ha in 2006 to £123/ha in 2008. Seasonal agreements rent prices decreased from £117/ha in 2007 to £107/ha in 2008. The most significant contributor to the increase under FAT agreements was from general cropping farms which saw a 9.6% increase between 2007-8 and cattle and lowland sheep at 8.3%. Cattle and sheep in less favoured areas (LFA) offset the trend with a decrease of 2.3%. The overall total area of rented land decreased by 2.1% from 1,768.7 to 1,731.1 thousand ha.
As regards farms under FBT agreements the main contributors were cattle and lowland sheep with an increase of 11.4% between 2007-8 and general cropping at 9.8%. The increases were offset by a decrease in the rents of dairying land of 1.2%. The total area under FBT agreements increased by 3.2% from 1,022.2 thousand ha in 2007 to 1,054.5 thousand ha in 2008. The main contributors were cereal farms with 5.5% and cattle and lowland sheep with 5.3%. There was a fall in the area in dairying of 1.4% and general cropping of 1.1% which helped to offset the increase in area in 2008. The average rents for farms under seasonal agreements in 2008 was £107/ha, a fall of 8.5% on 2007 at £117/ha.
The most expensive area in terms of FAT agreements by region was the South East at £162/ha, followed by the East of England at £157/ha and the least expensive was the North East at £99/ha. The most expensive area by region under FBT agreements was the East of England at £180/ha and the least expensive was the North East at £147/ha.
Current Budget Deficit £11.5bn
Recent figures from the ONS and HM Treasury show that the current budget was in deficit by £11.5bn in December 2009, £0.4bn more than in December 2008. Government net borrowing, the total of central and local government and public corporations together, was £15.7bn, £1.9bn more than in December 2008, when it was £13.8bn. The public sector net cash requirement, again a total of central and local government and public corporations, was £23.6bn, £2bn more than the previous year and net debt was £870bn, equivalent to 61.7% of GDP compared to 60.1% for November and 51.7% for December 2008.
If the Goverment financial interventions are excluded public secor net borrowing was £50.3bn and net debt was £740.6bn from £596.9bn in 2008.
Looking at the public sector finances in terms of the current financial year which helps to smooth out any volatility in monthly data which can often mislead, the current budget deficit is £93.4bn, the public sector net borrowing was £119.9bn, £56.3bn more than the same period of 2008-9. Net borrowing excluding Goverment financial interventions was £127.9bn, £57.8bn higher than the same period 2008-9. Public sector net cash requirement was £120.5bn, compared to a cash requirement of £51.4bn in 2008-9. Public sector net investment was £4.2bn compared with £2.7bn lastb year.
During December the Government also subscribed £5.7bn to Lloyds Banking Group rights issue and £25.5bn to the Royal Bank of Scotland group, £6.4bn of which will be treated as a capital grant. These will increase the central government net cash requirement but will reduce public corporations' net cash requirement correspondingly.
The Institute of Fiscal Studies said that the Government will not have to borrow as much as expected in the Pre-Budget Report but also that next month's figures will include self-assessment returns for 2008-9, Corporation Taxes and NICs on bonuses for this month.
If the Goverment financial interventions are excluded public secor net borrowing was £50.3bn and net debt was £740.6bn from £596.9bn in 2008.
Looking at the public sector finances in terms of the current financial year which helps to smooth out any volatility in monthly data which can often mislead, the current budget deficit is £93.4bn, the public sector net borrowing was £119.9bn, £56.3bn more than the same period of 2008-9. Net borrowing excluding Goverment financial interventions was £127.9bn, £57.8bn higher than the same period 2008-9. Public sector net cash requirement was £120.5bn, compared to a cash requirement of £51.4bn in 2008-9. Public sector net investment was £4.2bn compared with £2.7bn lastb year.
During December the Government also subscribed £5.7bn to Lloyds Banking Group rights issue and £25.5bn to the Royal Bank of Scotland group, £6.4bn of which will be treated as a capital grant. These will increase the central government net cash requirement but will reduce public corporations' net cash requirement correspondingly.
The Institute of Fiscal Studies said that the Government will not have to borrow as much as expected in the Pre-Budget Report but also that next month's figures will include self-assessment returns for 2008-9, Corporation Taxes and NICs on bonuses for this month.
A Fall In The Number Of Unemployed And Claimants
The number of unemployed people fell for the first time since May 2008. There were 7,000 fewer people unemployed bringing the number down to 2.46m. The number unemployed for over 12 months grew by 29,000 over the quarter to 631,000, the highest since November 1997. The unemployment rate for September to November was unchanged at 7.8%. The claimant count fell for the second consecutive month to reach 1.61m, the largest monthly fall since April 2007.
There were 448,000 vacancies in the three months to December 2009. That is an increase of 16,000 on the previous three months but 80,000 fewer than a year earlier. There were 30.86m workforce jobs in September 2009. Construction saw the largest decrease in jobs. The inactivity rate was 21.2% for September to November 2009. The number of inactive people rose by 79,000 to 8.05m.
Total hours worked per week in the three months to November were 910.9m. Average weekly hours came to 31.5, up 0.2 from August 2009. Productivity was 3.1% lower in Q3 2009 than Q3 2008 and unit wage costs rose by 4.1% over the same period. Manufacturing unit wage costs increased by 1.8%.
Average regular pay rose by 1.1% on the previous year, but decreased 0.1 on the previous quarter. Average total pay in November was £451/week, an increase of 0.7%. Private sector average regular pay in November was £414/week and average total pay was £447/week. Public sector average regular pay £455/week, average total pay was £459/week.
In November 14 labour disputes cost the economy 36,000 working days. Over the year to November 90 stoppages meant 436,000 lost working days. The number of redundancies decreased by 31,000 to 182,000 in the three months to November on the previous quarter and 46,000 on the previous year.
There were 448,000 vacancies in the three months to December 2009. That is an increase of 16,000 on the previous three months but 80,000 fewer than a year earlier. There were 30.86m workforce jobs in September 2009. Construction saw the largest decrease in jobs. The inactivity rate was 21.2% for September to November 2009. The number of inactive people rose by 79,000 to 8.05m.
Total hours worked per week in the three months to November were 910.9m. Average weekly hours came to 31.5, up 0.2 from August 2009. Productivity was 3.1% lower in Q3 2009 than Q3 2008 and unit wage costs rose by 4.1% over the same period. Manufacturing unit wage costs increased by 1.8%.
Average regular pay rose by 1.1% on the previous year, but decreased 0.1 on the previous quarter. Average total pay in November was £451/week, an increase of 0.7%. Private sector average regular pay in November was £414/week and average total pay was £447/week. Public sector average regular pay £455/week, average total pay was £459/week.
In November 14 labour disputes cost the economy 36,000 working days. Over the year to November 90 stoppages meant 436,000 lost working days. The number of redundancies decreased by 31,000 to 182,000 in the three months to November on the previous quarter and 46,000 on the previous year.
Tuesday, 19 January 2010
Inflation Up By 2.9%
The CPI rose by 2.9% in the year to December 2009 from 1.9% in November. The index stood at 112.6 up from 112 in November. It is the largest ever increase. The RPI was up from 216.6 in November to 218 in December or an increase of 2.4% from 0.3% in November. The RPIX (RPI excluding mortgage interest payments) rose by 3.8% from 2.7%.
The record increase in the CPI is largely down to changes that took place in December 2008. The VAT rate was reduced from 17.5% to 15%, there were sharp reductions in the price of oil and the effect of the economic downturn on Christmas sales. The main contributor to the upward trend in the CPI was from transport. Within this category fuels and lubricants rose by 0.2% compared to a 6.2% fall a year ago, the purchase of new cars and air transport. Other significant contributions to the CPI were from clothing and footwear. Retailers reported poor trading caused by the economic downturn. Recreation and culture also made an upward contribution to the CPI from newspapers, books and stationery, AV equipment and accessories and other recreational items such as games toys and hobbies.
Housing and motoring were the most significant upward contributors to the RPI. Mortgage interest payment were the most significant factor within housing in the increase and petrol and fuel the most significant in motoring. Household goods, clothing and footwear, leisure goods, household services and personal goods and services also made significant contributions.
The record increase in the CPI is largely down to changes that took place in December 2008. The VAT rate was reduced from 17.5% to 15%, there were sharp reductions in the price of oil and the effect of the economic downturn on Christmas sales. The main contributor to the upward trend in the CPI was from transport. Within this category fuels and lubricants rose by 0.2% compared to a 6.2% fall a year ago, the purchase of new cars and air transport. Other significant contributions to the CPI were from clothing and footwear. Retailers reported poor trading caused by the economic downturn. Recreation and culture also made an upward contribution to the CPI from newspapers, books and stationery, AV equipment and accessories and other recreational items such as games toys and hobbies.
Housing and motoring were the most significant upward contributors to the RPI. Mortgage interest payment were the most significant factor within housing in the increase and petrol and fuel the most significant in motoring. Household goods, clothing and footwear, leisure goods, household services and personal goods and services also made significant contributions.
Average Household Spend In 2008
The average weekly household spend on commodities and services in UK households in 2008 was £471 compared to £459 in 2007. The analysis is carried out according to an internationally agreed classification system called the Classification of Individual Consumption by Purpose (COICOP).
In 2008 the highest category spend was on transport at £63/week of which purchase accounted for £21.10, £31.80 on the operation of personal transport and £10.50 was spent on transport services (public transport). The second highest category was recreation and culture at £60/week which includes TVs, computers, newspapers, books, leisure activities and package holidays. The third highest category was housing, fuel and power at £53/week.
Food and non-alcoholic drinks accounted for £51/week of household expenditure of which £13.10 went on meat and fish, £3.70 on fresh vegetables, £3 fresh fruit, and £2.10 on chocolate. Consumption patterns varied according to age. The most was spent where the reference person was aged 30-49. The average spend for that group was £582/week. The lowest average weekly spend was the over 75 age group with £217/week.
In 2008 the highest category spend was on transport at £63/week of which purchase accounted for £21.10, £31.80 on the operation of personal transport and £10.50 was spent on transport services (public transport). The second highest category was recreation and culture at £60/week which includes TVs, computers, newspapers, books, leisure activities and package holidays. The third highest category was housing, fuel and power at £53/week.
Food and non-alcoholic drinks accounted for £51/week of household expenditure of which £13.10 went on meat and fish, £3.70 on fresh vegetables, £3 fresh fruit, and £2.10 on chocolate. Consumption patterns varied according to age. The most was spent where the reference person was aged 30-49. The average spend for that group was £582/week. The lowest average weekly spend was the over 75 age group with £217/week.
Fall In Production In November
Production was 6% lower year-on-year in November 2009. Mining and quarrying was 6.5% down on last year and oil and gas down 4.1%. Energy supplies fell 10.6% over the same period. These decreases were slightly offset by an increase in water supply output.
Production increased 0.4% between October and November 2009. Mining and quarrying output increased by 5.9%, oil and gas 7.2%. Energy output went up 3.5% on the month. The gas supply output helped offset decreases in electricity and water supply output.
Manufacturing output showed an annual decline of 5.4% in November. Machinery and equipment at 17.4% showed the biggest declines while basic metals and metal products decreased by 12.1%. The transport equipment industries showed the largest annual increases with output going up by 2.8% which also reported an increase of 3.5% month on month.
Production increased 0.4% between October and November 2009. Mining and quarrying output increased by 5.9%, oil and gas 7.2%. Energy output went up 3.5% on the month. The gas supply output helped offset decreases in electricity and water supply output.
Manufacturing output showed an annual decline of 5.4% in November. Machinery and equipment at 17.4% showed the biggest declines while basic metals and metal products decreased by 12.1%. The transport equipment industries showed the largest annual increases with output going up by 2.8% which also reported an increase of 3.5% month on month.
UK Trade Deficit Cut By £0.2bn.
The seasonally adjusted trade deficit in goods and services was cut by £0.2bn from £3.1bn in October to £2.9bn in November. The deficit on trade in goods was £6.8bn compared with £7bn and the surplus on services was unchanged at £3.9bn. The volume of exports excluding oil and erratics was 0.2% up but the volume of imports was down 0.9% in November. Export prices fell 0.4% and import prices fell by 0.6% on October.
In terms of value, total exports were unchanged at £20.2bn though total imports fell by £0.2bn to £27bn. Exports of cars fell by £26m while imports of cars increased by £96m, but exports of consumer goods other than cars increased by £131m and imports of consumer goods other than cars fell by £227m. Exports of chemicals increased by £96m and imports fell by £138m on November compared with October 2009.
In the three months ended November 2009 the trade deficit in goods increased by £1.6bn to £20.7bn compared with a deficit of £19.2bn in the previous three months to August. Total exports rose to £59.8bn from £55.7bn and total imports rose to £80.6bn. Exports of chemicals increased by £713m and imports by £1,485m. Intermediate goods exports increased by £612m and imports by £974m. Exports of cars increased by £609m and imports by £1,086m.
In terms of volume, in November 2009 compared with October 2009, exports increased by 0.2% and imports decreased by 0.9% compared with October. Food, drink and tobacco exports increased by 2.7% and imports fell by 0.9%, basic materials exports fell by 8.8% and imports by 6%. Semi-manufactured goods increased by 0.9% and imports fell by 1.9% of which chemicals exports went up by 3.3% and imports fell by 4.1%. There was no change in the volume of finished manufactured goods overall but within the classification the volume of exports of consumer goods went up by 9.6% and imports fell by 4.5%, intermediate goods went up by 1.1% and imports by 2.4%.
In the three months ending in November, the volume of exports of goods rose by 5.5% and the volume of imports rose by 6.9% compared with the previous three months to August. The volume of exports of basic materials increased by 10% and imports by 9.2%. Finished manufactured goods volumes totalled a 5.8% increase in exports and 7.1% increase in imports of which exports of cars increased by 16.2% and imports by 25.5%, intermediate goods export volumes increased by 5.7% and imports by 7.6% and capital goods export volumes increased by 6.6% and imports by 5.1%.
Export prices fell by 0.4% and import prices by 0.6% in November compared with October leading to an increase in the terms of trade. Export prices, excluding the oil price effect, fell by 0.8% and import prices by 1%. In the three months to November export prices rose by 2.7% and import prices by 2.3% on the previous quarter likewise leading to an increase in the terms of trade. Export prices, excluding the oil price effect, rose by 2.2% and import prices by 1.8%.
Trade in services remained unchanged in November with a surplus of £3.9bn. Exports rose by £0.2bn and imports by £0.2bn. Total exports were unchanged at £38.8bn although imports rose slightly by £0.1bn to £27.2bn.
In terms of value, total exports were unchanged at £20.2bn though total imports fell by £0.2bn to £27bn. Exports of cars fell by £26m while imports of cars increased by £96m, but exports of consumer goods other than cars increased by £131m and imports of consumer goods other than cars fell by £227m. Exports of chemicals increased by £96m and imports fell by £138m on November compared with October 2009.
In the three months ended November 2009 the trade deficit in goods increased by £1.6bn to £20.7bn compared with a deficit of £19.2bn in the previous three months to August. Total exports rose to £59.8bn from £55.7bn and total imports rose to £80.6bn. Exports of chemicals increased by £713m and imports by £1,485m. Intermediate goods exports increased by £612m and imports by £974m. Exports of cars increased by £609m and imports by £1,086m.
In terms of volume, in November 2009 compared with October 2009, exports increased by 0.2% and imports decreased by 0.9% compared with October. Food, drink and tobacco exports increased by 2.7% and imports fell by 0.9%, basic materials exports fell by 8.8% and imports by 6%. Semi-manufactured goods increased by 0.9% and imports fell by 1.9% of which chemicals exports went up by 3.3% and imports fell by 4.1%. There was no change in the volume of finished manufactured goods overall but within the classification the volume of exports of consumer goods went up by 9.6% and imports fell by 4.5%, intermediate goods went up by 1.1% and imports by 2.4%.
In the three months ending in November, the volume of exports of goods rose by 5.5% and the volume of imports rose by 6.9% compared with the previous three months to August. The volume of exports of basic materials increased by 10% and imports by 9.2%. Finished manufactured goods volumes totalled a 5.8% increase in exports and 7.1% increase in imports of which exports of cars increased by 16.2% and imports by 25.5%, intermediate goods export volumes increased by 5.7% and imports by 7.6% and capital goods export volumes increased by 6.6% and imports by 5.1%.
Export prices fell by 0.4% and import prices by 0.6% in November compared with October leading to an increase in the terms of trade. Export prices, excluding the oil price effect, fell by 0.8% and import prices by 1%. In the three months to November export prices rose by 2.7% and import prices by 2.3% on the previous quarter likewise leading to an increase in the terms of trade. Export prices, excluding the oil price effect, rose by 2.2% and import prices by 1.8%.
Trade in services remained unchanged in November with a surplus of £3.9bn. Exports rose by £0.2bn and imports by £0.2bn. Total exports were unchanged at £38.8bn although imports rose slightly by £0.1bn to £27.2bn.
Tuesday, 12 January 2010
December Sales Higher Than Expected
December retail sales rose 4.2% on a like-for-like basis compared with December 2008 when the financial crisis had a negative effect on consumer confidence. Sales also rose by 6% on a total basis as against 1.4% last year.
Food sales were their strongest since July due partly to food price inflation. Non-food stores were 26.5% higher than last year with 16.9% in November. Online sales may have been helped by bad weather preventing people getting out.
Food sales were their strongest since July due partly to food price inflation. Non-food stores were 26.5% higher than last year with 16.9% in November. Online sales may have been helped by bad weather preventing people getting out.
Prices Up On The High Street In December
Shop prices increased in December by 2.2%. Food inflation increased from 2.8% in November to 3.7% in December and non-food inflation was up 1.4% in December from -1.2% in November 2009.
December was the only month with the same 15% VAT rate as the previous year making an inflationary figure inevitable according to the BRC. The period covered by the survey was the 7-12 December 2009.
December was the only month with the same 15% VAT rate as the previous year making an inflationary figure inevitable according to the BRC. The period covered by the survey was the 7-12 December 2009.
UK Companies NRR Down Slightly
UK non-financial corporations reported a net rate of return of 11.5% in the third quater of 2009 according to the Office for National Statistics recent statistical bulletin on the profitability of UK companies. It compares with a revised estimate of 11.7% for the previous quarter. The annual net rate of return for 2008 was 14.1% compared with 14.2% for 2007.
The statistics for the latest quarter show that manufacturing companies NRR was 6.9%, services NRR was 12.9% and the NRR for companies of the UK continental shelf was 34.6%. The net rate of return for companies other than those of the UK continental shelf was 10.6%. Manufacturing companies NRR was comparable with earlier years, services NRR was lower than 2008's 15.4%.
The statistics for the latest quarter show that manufacturing companies NRR was 6.9%, services NRR was 12.9% and the NRR for companies of the UK continental shelf was 34.6%. The net rate of return for companies other than those of the UK continental shelf was 10.6%. Manufacturing companies NRR was comparable with earlier years, services NRR was lower than 2008's 15.4%.
Output And Input Prices Up In December
Output prices rose overall by 3.5% in the year to December, compared with a 2.9% rise in the year to November. The index rose 0.5% between November and December mainly due to price rises in food, electrical products, transport equipment and other manufactured products. Input prices for materials and fuels rose 6.9% in the year to December compared with 4% in the year to November and 0.1% between November and December 2009 comapred with a fall of 2.6% between November and December 2008.
Output prices rose across the board the most significant rise being in petroleum products at 16%. Other significant increases over the year were in transport at 4.2% and electrical and optical at 3.8%. In the month to December the changes were included increases in transport at 1.2%, electrical and optical at 1.1% and other products at 1.2%. There was a decrease of 0.2% in tobacco and alcohol.
Details of input price changes over the year to December show a 65.9% increase in crude oil prices, and a decrease of 18.7% in fuel prices. Imported metals went up by 5.8% and other imported materials by 4.3%. Other significant downward price changes were in home food materials by 5.6% and imported food materials by 2%. In the month to December the significant price changes were a downward change of 2.2% in crude oil prices. other changes included a 1.1% increase in the price of fuels, 1.2% increase in imported metals and 1% in the price of imported food materials.
Output prices rose across the board the most significant rise being in petroleum products at 16%. Other significant increases over the year were in transport at 4.2% and electrical and optical at 3.8%. In the month to December the changes were included increases in transport at 1.2%, electrical and optical at 1.1% and other products at 1.2%. There was a decrease of 0.2% in tobacco and alcohol.
Details of input price changes over the year to December show a 65.9% increase in crude oil prices, and a decrease of 18.7% in fuel prices. Imported metals went up by 5.8% and other imported materials by 4.3%. Other significant downward price changes were in home food materials by 5.6% and imported food materials by 2%. In the month to December the significant price changes were a downward change of 2.2% in crude oil prices. other changes included a 1.1% increase in the price of fuels, 1.2% increase in imported metals and 1% in the price of imported food materials.
Subscribe to:
Posts (Atom)