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The Independent UK
The Independent UK
Business
Ben Chu

Exports and manufacturing undershoot expectations in June

A disappointing performance for exports in June pushed the trade deficit higher than expected according to the latest batch of official data.

Manufacturing also stagnated in the month and construction went backwards adding to the impression of a faltering economy as the the clock ticks down to Brexit in 2019. 

Goods exports fell 4.9 per cent in June, the biggest monthly fall since June 2016, while imports were up 1.5 per cent, said the Office for National Statistics.

That left the goods trade balance for the month at £12.72bn, higher than the £11bn City of London analysts had expected.

Exports have been supported by the 14 per cent trade-weighted depreciation of sterling since the June 2016 Brexit vote, but the latest data suggests the benefit may be waning.

Manufacturing output was unchanged in June, in line with City expectations, although overall industrial output grew 0.5 per cent. 

Construction output is estimated to have fallen 0.1 per cent in the month, following a 0.4 per cent contraction in May.

 

More follows…

 

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