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UK trade deficit shrinks in 3 months to August

The U.K.'s goods and services trade deficit narrowed to £2.84 billion in the three months to August from £7.49 billion in the three months to May, the Office for National Statistics said.

The goods deficit fell to £32.26 billion from £35.78 billion due to weaker imports of unspecified goods and rising fuels exports, the ONS said. The services surplus ticked up to £29.42 billion from £28.29 billion.

The goods trade deficit with the EU fell £2.4 billion during the period, while that with non-EU countries narrowed £1.1 billion. The lower deficit was attributed to rising goods exports.

Total exports rose to £163.22 billion from £156.04 billion, while total imports increased to £166.05 billion from £163.53 billion.

On a monthly basis, the goods and services trade deficit ballooned to £1.27 billion in August from £572 million in the prior month.