By Maëlle Alquezar
The Office for National Statistics revealed that the UK’s trade deficit decreased in March from £3.4 billion to £3.1 billion compared to February
. Stronger exports to non-EU countries particularly contributed to this growth.
While good exports to the EU were low, sales outside the EU increased by 10% compared to the previous month. Indeed, the deficit for manufactured goods within the EU increased by £600 million to £5.6 billion
– mainly due to trade with Germany and the Netherlands - while it narrowed by £700 million to £3.5 billion outside the EU. Exports to the US significantly soared, growing by 21%.
The weakness of the pound also boosted export growth
as it depreciated by 4% against the dollar and against the euro since the beginning of 2013.
According to the ONS data, Britain’s trade deficit declined by £600 million to £9 billion in the first quarter of 2013 compared to the final three months of 2012. However, economists warn against these figures as the UK economy remains pretty slow. Even if the UK trade’s deficit narrowed and the economy grew by 0.3% in the first quarter of 2013, there is still no sign that the economy is getting back on track.
Check out this related article:
British Chamber of Commerce Predicts Growth in the Economy
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