Q3 Trade Balance Revised Down Sharply, to...>

UK DATA: Q3 Trade Balance Revised Down Sharply, Neutral Cont. to GDP   

-UK Oct Total Trade Deficit stg3.300bn vs stg2.331bn in Sep 

-UK Oct Visble Trade Deficit stg11.873bn vs stg10.681bn in Sep

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A marked revision in the total Q3 trade deficit from stg2.9bn to 

stg9.8bn cut its contribution to overall third quarter growth to 0.0pp 

from +0.8pp previously. Elsewhere, the trade deficit in Q3 ONS 

statisticians said they found no annecdotal evidence of Brexit-induced 

stockpiling of either food or medicine in October. In fact, imports of 

food were actually lower than the 12 month average. On aggregate, import 

growth of 2.8% m/m (stg1.5bn) offset a 1.0% rise in exports (stg0.549bn) 

leaving the overall trade deficit at 3.3bn, down from stg2.3bn in 

September.