The ONS recently published the latest balance of payments data for the UK. The current account deficit in Q2 2011 was £2bn down from £4.1bn in Q1. The total trade deficit increased from £5.8bn in Q1 to £6.8bn in Q2 2011. The UK recorded net international investment liabilities of £115bn.
The capital account showed a surplus of £1bn, up £0.3bn from Q1. The current transfers deficit decreased to £4.8bn, a fall of £0.9bn, due mainly to lower payments by the government. Payments to EU contributions can be erratic.
The trade in goods deficit increased to £24.6bn in Q2 2011 from £22.8bn in Q1. Exports fell by £1.2bn while imports increased by £0.6bn to a record £98.4bn. Trade in services also saw a new record in Q2. The surplus on trade in services grew to £17.8bn. Exports grew by £1.5bn to another record £46.1bn.
There was a net outflow of £9bn compared with a net outflow of £3.5bn in the previous quarter. Overseas investment fell to £42.7bn from £160.1bn and investment flowing into the UK in Q2 was £33.8bn down from £156.6bn in Q1.
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