Exports of British-made goods to EU increase by £1.3bn, underlining country’s reliance on trade with continental Europe.
The deficit in the trade in goods with non-EU countries widened by £2.4bn while exports to the EU grew to cut the trade gap by £1.3bn.
The figures were released as a new report from thinktank the National Institute of Economic and Social Research (NIESR) said economic growth shows signs of accelerating in the UK, albeit still at a slower pace than in recent years.
Analysts had expected the fall in the pound to give a significant boost to exports with the EU and beyond, but the trend since last year’s Brexit vote has shown only a gentle increase in exports and a continuing appetite for imports, despite the higher cost, leaving only a marginal improvement in the net trade position.
Overall, UK exports of goods and services edged down 0.2% month on month in July and were up just 0.6% from one quarter to the next. At the same time the eurozone is showing signs of outpacing the UK as the fall in sterling fails to lift exports as much as expected. [...]
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