LONDON (AFX) - The UK's global trade in goods balance was 3.331 bln stg in deficit in August compared with a downwardly revised 2.46 bln stg shortfall the previous month, National Statistics said. The AFX News median of analysts' forecasts was for an August global trade deficit of 3.1 bln stg.
Excluding oil and erratics, the trade deficit fell to 3.326 bln stg in August from a 2.7 bln shortfall the previous month.
The surplus on trade in oil fell over the month to 578 mln stg while trade in erratic items showed a 583 mln deficit on the month. NS reported that the UK's goods trade balance with EU countries was at a 364 mln stg deficit in August, compared with a 10 mln surplus the previous month.
Exports to EU countries fell 1.1 pct on the month while imports from the EU were up 3.0 pct.
Following last month's release of non-EU data, this meant the value of UK goods exported fell 2.8 pct on the month in August to 15.306 bln stg, while imports rose 2.3 pct to 18.637 bln stg.
NS said estimates of volumes, excluding oil and erratics, show exports were down 3.0 pct on the month while import volumes rose 2.3 pct.
In the three months to August, the deficit on trade in goods widened to 9.206 from 8.774 bln in the previous three months. NS said the latest estimate of the trend suggests that the global trade in goods deficit is widening, with trends in the value of trade showing exports and imports both falling.
Trends in trade volumes, excluding oil and erratics, again show exports and imports both falling.
Global trade in services showed a surplus of 904 mln stg in August compared with a revised 1.146 bln stg surplus the previous month. The resultant global trade in goods and services balance for August was a 2.427 bln stg deficit compared with a revised 1.314 bln deficit the previous month.
NS said the underlying trend suggests that the total trade balance is widening.
Meanwhile, the UK's trade in goods deficit with non-EU countries narrowed to 1.688 bln stg in September compared with August's revised shortfall of 2.967 bln.
The AFX News median was for a non-EU deficit of 2.9 bln stg. Stripping out oil and erratic items, the non-EU trade deficit narrowed over the month to 1.510 bln stg from 1.880 bln in ugust.

All figures below are seasonally adjusted unless otherwise stated.

TRADE BALANCES (mln stg)
Global Ex-oil and
non-EU EU balance erratics Services

2001 Sept -1,688 n/a n/a n/a n/a
August -2,967 -364 -3,331 -3,326 904
July -2,470 10 -2,460 -2,700 1,146
June -3,030 -385 -3,415 -3,117 1,336

Forecast: Aug non-EU July global
(mln stg) (mln stg)
Median -3,100 -2,900

EU AND NON-EU VISIBLE TRADE: VOLUMES (EX-OIL AND ERRATICS) - pct
change
EU (Aug) Non-EU (Sept)
Exports Imports Exports Imports
m/m -2.0 3.4 -4.7 1.0 3
m/3m -1.3 -2.0 -3.6 -4.4 3
m/yr 1.7 2.1 -1.5 -6.2

AUG GLOBAL TRADE: VOLUMES AND PRICES (EX OIL AND ERRATICS) - pct
change
Volumes Prices (not adjusted)
Exports Imports Exports Imports
m/m -3.0 2.3 0.5 -1.3 3
m/3m -1.4 -2.9 -0.2 -1.6 3
m/yr 0.9 -0.5 0.4 -0.3