British trade deficit declines sharply in July

Britain’s trade-in-goods deficit narrowed in July to the smallest amount for 17 months as exports to non-EU nations reached a record high level, official data showed on Tuesday. The deficit shrank to £7.1 billion ($11.4 billion, 8.9 billion euros) in July from £10.1 billion in June, the Office for National Statistics (ONS) said. Market expectations had been for the trade deficit to fall to £8.9 billion in July, according to analysts polled by Dow Jones Newswires. Exports to non-EU countries increased 11 percent to £13.2 billion in July — the highest amount since records began in 1998. Britain’s overall trade deficit dropped to £1.5 billion in July from a deficit of £4.3 billion in June, which had been the largest amount since comparable records began in 1997.