Higher oil imports and a deterioration in net trade outside the European Union drove a sharp widening of the UK’s trade deficit in July, official data showed on Tuesday.
The goods deficit grew from an upwardly revised £6.5bn in June to £7.1bn in July, compared with expectations of a £6.4bn deficit. The Office for National Statistics said the revision for June was due to double-counting of a £300m submission from an oil trader. The UK’s surplus in services remained unchanged at £2.6bn.
