British exports rise 5% in July

British export volume rose by 5% in July to reach £19.2 billion, according to figures released by the Office of National Statistics (ONS) today.

However, import volume also rose, increasing by 2.5% to £25.7 billion.

Britain’s deficit on trade in goods and services was £2.4 billion in July, unchanged from June.

The deficit on trade in goods was also unchanged, at £6.5 billion.

In the three months to July 2009, Britain’s trade deficit in goods and services narrowed £1.5 billion, to £7.2 billion, and deficit in goods narrowed by £1 billion to £19.3 billion.

The deficit on trade to European Union (EU) countries fell from £2.8 billion in June to £2.6 billion in July.

Exports to EU countries increased by 6.5% and exports to non-EU countries rose by 3%.

Imports from EU countries grew by 3% and imports from non-EU countries.

Prices of both exports and imports fell by 0.5% over the month.

Commodity-level growth came from the motor industry, with exports of cars rising 19% and imports of cars increasing by 18%.

Exports of consumer goods other than cars fell by 1.5%, and imports fell by 2%.

Similarly, capital and intermediate goods both recorded falls in import and export volume.

The balance on trade in oil was in deficit by £500m in July, compared with £400m in June.

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