It's supposed to be happy days for British exporters, now that the Brexit vote's pummeled the pound.
Friday's publication of trade data for October show that might be the case. But really, it's too soon to be dancing in the streets.
The value of goods sold abroad reached a record -- hurrah! And the volume was up too, climbing 4.3 percent.
However, beware the price impact. While the Office for National Statistic's index of export prices shot up, import prices are rising too, signalling cost pressure on producers' supply chains. That's bad news for British companies importing raw materials to be used in domestic production.
Trade data always take a while to feed through, and it's early days to assess the impact of sterling's Brexit-induced slump. The signs now are that it's helpful, but complicated.
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