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Balance of Trade

The UK's deficit on trade in goods and services was £2.4 billion in July, unchanged from June (originally published as a deficit of £2.2 billion).

The surplus on trade in services was £4.0 billion, compared with the surplus of £4.1 billion in June.

The deficit on trade in goods was £6.5 billion, unchanged from June. Exports and imports both rose by £0.9 billion.

The deficit with EU countries narrowed to £2.6 billion in July, compared with a deficit of £2.8 billion in June. Exports rose by £0.7 billion and imports rose by £0.4 billion. There were rises in exports of oil, cars, and semi-manufactured goods other than chemicals. There were rises in imports of intermediate goods, and capital goods.

The deficit with non-EU countries widened to £3.9 billion in July, compared with the deficit of £3.7 billion in June. Exports rose by £0.3 billion and imports rose by £0.5 billion. There was a rise in exports of chemicals. There were rises in imports of oil, and aircraft.

Excluding oil and erratic items, the volume of exports was five per cent higher and the volume of imports was two and a half per cent higher in July than in June.

Export and import prices both fell by a half per cent compared with June.