🇬🇧📈 UK Exports to US Up, But Not Quite There Yet!
Great news for UK exporters! Our exports to the US have seen a healthy bump, rising by £0.8 billion in July to hit £4.7 billion. This is the best we’ve done since March, before those pesky tariffs were introduced. However, we’re still not back to the good old days before the tariffs when exports peaked at £6.1 billion.
In an interesting twist, imports from the US to the UK took a tumble by £0.5 billion, the lowest since last November. Overall, UK imports are up by 5.4%, with a mix of demand for goods from both EU and non-EU countries. Exports overseas have also improved by 6.6% this month.
That trade deficit, though? It’s widened by £0.4 billion, totalling £10.4 billion in the past three months as imports outpaced exports. Some analysts think this unexpected dip is one to watch, pointing to a shaky underlying trade balance that could keep things on the back foot for a while.
Meanwhile, zero growth in GDP for July has set off some concerns, especially after a 0.4% growth spurt in June. Analysts call the recent trade data “weak” and note it has put a damper on GDP growth. Let’s see how this tug-of-war plays out in the coming months!
What do you think? Are we on the road to recovery, or is there more ground to cover? Share your thoughts! 💬⬇️