RECORD HIGH IN EU TRADE GAP.
Britain's trade gap with the European Union hit a record high in the first three months of this year.
The UK bought PS23.9billion more goods from the rest of Europe than it sold to those countries, figures from the Office for National Statistics (ONS) confirmed. Exports rose by PS500million to PS33.6bn but that was more than offset by an increase of PS1.3bn in imports, which rose to PS56.7bn.
The UK's trade gap with others parts of the world also widened.
Exports of goods to non-EU countries fell by PS41million between January and March, while imports increased by PS700m.
The overall trade gap - which was described by one expert as "truly horrible" - was blamed on the weakening global economy denting demand for British-made goods overseas.
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| Title Annotation: | Business; Opinion, Columns |
|---|---|
| Publication: | The Mirror (London, England) |
| Geographic Code: | 4EUUK |
| Date: | May 11, 2016 |
| Words: | 128 |
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