Britain’s trade-in-goods deficit narrowed in July to the smallest amount for 17 months as exports to non-EU nations reached a record high level, official data showed on Tuesday.
The deficit shrank to Â£7.1 billion ($11.4 billion, 8.9 billion euros) in July from Â£10.1 billion in June, the Office for National Statistics (ONS) said.
Market expectations had been for the trade deficit to fall to Â£8.9 billion in July, according to analysts polled by Dow Jones Newswires.
Exports to non-EU countries increased 11 percent to Â£13.2 billion in July — the highest amount since records began in 1998.
Britain’s overall trade deficit dropped to Â£1.5 billion in July from a deficit of Â£4.3 billion in June, which had been the largest amount since comparable records began in 1997.