The UK trade deficit grew from £1.8bn in August 2014 to £2.8bn in September 2014 according to estimates from the ONS. The deficit is made up of a deficit of £9.8bn on goods and a surplus of £7bn on services.
Over the month the trade in goods deficit increased by £0.9bn as exports increased but imports particularly from countries outside the EU increased even more.
The quarterly comparison shows that between Q2 and Q3 2014 the trade in goods deficit increased also by £0.9bn to £29bn. Exports fell by £0.3bn and imports increased by £0.6bn.
The UKs largest trading partner in terms of the value of goods exported and imported remains Germany but Q3 2014 recorded the largest ever deficit with Germany due to falling exports and rising imports. The UK surplus with the US hit an 8 year low but it was partially offset by better trade figures with China and Hong Kong.
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