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UK trade deficit falls to an 18 month low

The difference between imports into the UK and exports out of UK fell to an 18 month low of £7.4 billion with exports up 0.3% to £19.7 billion and imports down 2.5% in November to £27.1 billion. While on the surface this may not seem like a major issue, it shows that the weak UK currency is starting to attract the attention of overseas buyers. Many people believe that weak sterling could be the saviour of many UK industries who export goods to overseas markets.

The increase in exports was particularly pleasing bearing in mind the difficult markets overseas and many expect a significant increase in exports as both European and worldwide economies start to pull out of the ongoing recession. As sterling continues to languish at record lows, with the prospect that UK base rates could fall further in the short term, there is every chance that the UK currency could fall yet further which would make UK exports more attractive than ever before.

There were concerns that the import of goods into the UK, bearing in mind the currency exchange rate, could feed inflation but the 2.5% drop in November alone has alleviated those fears at least for the moment.

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