UK Trade Deficit Improves
There is plenty of data out this morning to provide a clear update to the British recovery. Manufacturing and Trade information for the UK is largely positive save the odd slight exception.
The headline Industrial Production figure for the month of March is showing an expansion of 2.3% year on year, this narrowly missed the market expectation of a 2.4% increase, the revision of February’s number to 2.5% implies that today’s March figure represents a fall in the statistic. Month on month the Industrial Production number has also contracted, today’s reading is -0.1% against a rise of 0.8% the previous month, market consensus for a fall of 0.2% was exceeded.
Manufacturing Production, which unlike the Industrial Production number excludes the mining industry, also contracted slightly during the month of March. The key year on year number shows a rise of 3.3%, this compares to a revised February number of 3.9% growth, consensus estimates for 2.9% were easily exceeded. Month on month growth of 0.5% was exhibited in March, comparing to 1.0% growth in February and again exceeding the market prediction for a 2.9% expansion.
Although still in deficit territory, Britain’s trade balances once again improved in the month of March. The total Trade Balance number for the month stands at -£1.284Bn this is a significant and meaningful increase over the recorded February deficit of -£1.713Bn.
The improvement is not so evident when focus is placed solely on the manufacturing sector. Britain’s Goods Trade Balance for the month were recorded at -£8.478Bn, this is a minor betterment of the revised February reading of -£8.749Bn and represents an improvement over the -£9.000Bn market consensus estimate.
The only trade metric to suffer a setback in March was the Non-EU reading. This was recorded at -£3.19Bn which is a further fall on the previous months -£2.87Bn.
Sorry. No data so far.