Menu
11/11/2003
Britain slips to worst-ever EU trade deficit
In September, Britain slipped into its worst-ever trade deficit against the European Union.
According to figures released today by the Office of National Statistics the gap with EU countries which take around half of all Britain's exports, jumped from 1.7 billion in August to 2.2 billion in September.
The figure revealed that a decline in exports to the weakest economies, Germany, Italy and the Netherlands, contributed substantially to the deficit.
Britain's total global goods deficit climbed £1.4 billion in one month, hitting £4.8 billion in September, up from £3.4 billion in August. The overall figure is far short of the £5.1 billion record of November 2002.
Even omitting oil revenues, which have been hit by temporary maintenance shutdowns, the trade gap has shown a substantial jump above analysts' forecasts that had widely predicted that a trade deficit figure would be around £3.5 billion.
The widening of the gap was attributed to a failure in the recovery of exports despite a more buoyant market in the US and Japan, whose economies are showing signs of recovery, and high domestic consumer demand leading to sustained imports.
It is now predicted that there will need to be a substantial rise in export performance to counter the continuing consumer demand, though the latest retail figures for the latter indicate a sharp falloff in pre-Christmas demand.
Following the publication of the trade figures the pound weakened against both the dollar and the euro.
(SP)
According to figures released today by the Office of National Statistics the gap with EU countries which take around half of all Britain's exports, jumped from 1.7 billion in August to 2.2 billion in September.
The figure revealed that a decline in exports to the weakest economies, Germany, Italy and the Netherlands, contributed substantially to the deficit.
Britain's total global goods deficit climbed £1.4 billion in one month, hitting £4.8 billion in September, up from £3.4 billion in August. The overall figure is far short of the £5.1 billion record of November 2002.
Even omitting oil revenues, which have been hit by temporary maintenance shutdowns, the trade gap has shown a substantial jump above analysts' forecasts that had widely predicted that a trade deficit figure would be around £3.5 billion.
The widening of the gap was attributed to a failure in the recovery of exports despite a more buoyant market in the US and Japan, whose economies are showing signs of recovery, and high domestic consumer demand leading to sustained imports.
It is now predicted that there will need to be a substantial rise in export performance to counter the continuing consumer demand, though the latest retail figures for the latter indicate a sharp falloff in pre-Christmas demand.
Following the publication of the trade figures the pound weakened against both the dollar and the euro.
(SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
30 January 2012
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
31 August 2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
02 April 2002
Irish Trade minister welcomes Ireland's strong trade performance
Ireland's Minister for Labour, Trade and Consumer Affairs, Tom Kitt, has welcomed the positive trade performance recorded in the 2001 trade figures issued by the Central Statistics Office (CSO).
Irish Trade minister welcomes Ireland's strong trade performance
Ireland's Minister for Labour, Trade and Consumer Affairs, Tom Kitt, has welcomed the positive trade performance recorded in the 2001 trade figures issued by the Central Statistics Office (CSO).
09 November 2001
BT issue pension fund shortfall statement
Telecommunications giant BT has issued a warning that its pension fund will show a shortfall of £4 billion for 2002 due to “a different way” of presenting financial information.
BT issue pension fund shortfall statement
Telecommunications giant BT has issued a warning that its pension fund will show a shortfall of £4 billion for 2002 due to “a different way” of presenting financial information.
08 October 2001
Lloyd’s gross insurance exposure may run to £7bn
The latest figures available estimate that the London Insurance markets may be facing £7 billion ($10 billion) in gross liabilities as a result of the terrorist attacks on the US. According to rating agency Fitch, the net loss as reported by Lloyd’s was £1.3 billion, but the final net figure may be closer to £1.7 billion.
Lloyd’s gross insurance exposure may run to £7bn
The latest figures available estimate that the London Insurance markets may be facing £7 billion ($10 billion) in gross liabilities as a result of the terrorist attacks on the US. According to rating agency Fitch, the net loss as reported by Lloyd’s was £1.3 billion, but the final net figure may be closer to £1.7 billion.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
