UK Trade Balance deficit narrowed in April
The UK’s deficit on trade in goods and services was estimated to have been £1.2 billion in April 2015, compared with £3.1 billion in March 2015. This reflects a deficit of £8.6 billion on goods, partially offset by an estimated surplus of £7.4 billion on services. Analysts were forecasting a deficit on goods of £10.0 billion.
In April 2015, the trade in goods deficit narrowed by £2.1 billion. This reflects both an increase in exports and a decrease in imports. Exports of goods increased by £0.7 billion, of which £0.6 billion was attributed to countries outside of the EU. Imports of goods fell by £1.5 billion, reflecting falls in the imports of miscellaneous manufactures.
In the 3-months to April 2015, the trade in goods deficit widened by £1.0 billion to £30.0 billion. The widening reflects a £1.9 billion fall in exports and a £0.8 billion fall in imports. At the commodity level, the fall in exports in the 3-months to April 2015 reflects a £1.1 billion decrease in the export of fuels; specifically oil, which fell by £1.2 billion and a £0.6 billion decrease in the export of material manufactures. Over the same period, imports of chemicals fell by £0.6 billion and fuels by £0.3 billion.
Data did not have any major impact on Sterling, which is currently being traded few points above 1.53 handle. Pair is likely to find support around 1.5250 level and resistance above 1.5350 area. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
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