The UK's trade deficit shrunk by £3.8 billion in October

The UK’s trade deficit in goods and services fell by £3.8 billion ($4.7 billion) in October, according to data from the Office for National Statistics.

The deficit was £2 billion in October 2016, after exports increased by £2 billion and imports decreased by £1.8 billion from the previous month.

Here is the chart from the ONS:

 

Figure 1 Balance of UK trade, October 2014 to October 2016

ONS

The figures are the first from the Office for National Statistics since it admitted calculating the UK's trade deficit wrong earlier this week.

The ONS discovered a "processing error" related to the trade in "erratic" goods, which includes gold, silver, precious stones, aircrafts, and ships.

Trade deficit estimates for 2015 and the first half of 2016 have been revised as a result of the discovery. It means that Britain was actually £10 billion better off over the period, thanks to a £6.7 billion upgrade to the balance of trade in 2015 and a £3.3 billion improvement in the first two-quarters of 2016.

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