The weaker pound has not led to a significant boost in UK export volumes, judging by official data showing the UK’s trade deficit narrowed slightly in July but has remained fairly flat in recent months.

The Office for National Statistics said on Wednesday the UK’s goods trade deficit narrowed from a revised £8bn in June to £7.7bn in July. In the three months to July it had widened to £23.2bn, compared with £22.8bn in the three months to April.