July Trade Deficit Increases; Q2 Shortfall..>

UK DATA: July Trade Deficit Increases; Q2 Shortfall Revised Higher

- UK July total deficit Stg219m vs Stg132m in June

- UK July goods deficit Stg9.144bn vs Stg8.920bn in June

- UK June total trade revised to Stg132m deficit from Stg1.779bn surplus

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The trade deficit for the second quarter was revised sharply higher, 

suggesting that net trade will provide less of a boost to later 

iterations of GDP than the record-high 3.5pp included in the first 

estimate. The deficit expanded modestly in July, following a significant 

revision to the June outturn, which turned the originally-reported 

record surplus into a small deficit. Exports rose by 2.5% between June 

and July, while imports increased by 2.7%. The non-EU shortfall widened 

to Stg1.932bn from Stg1.771bn in June.