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UK Trade Deficit Narrows to Five-Month Low..>

UK DATA: UK Trade Deficit Narrows to Five-Month Low in July 
-UK Jul Total Trade Deficit stg0.111bn vs stg0.942bn in Jun 
-UK Jul Visble Trade Deficit stg9.973bn vs stg10.679bn in Jun
The trade deficit narrowed to stg0.111bn between June and July, the 
lowest level since February. The move was courtesy of a 2.0% m/m rise in 
total exports offsetting a 0.4% m/m rise in imports. Export of goods 
rose 2.8%, bigger than the 0.3% rise in goods imported from the rest of 
the world. According to the ONS, there was no annecdotal evidence of 
stockpiling with imports of chemicals and food actually down over the 
past two months. The price adjusted deficit for the second quarter was 
revised down to Stg5.7 billion from the originally-reported Stg7.2 
billion, suggesting that trade could exert less of a drag on GDP in 
later revisions.   

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