U.K. Trade Woes Drag On, Underscoring Unbalanced Economy: ChartBy
Britain’s total trade deficit on goods and services widened in the fourth quarter, indicating yet another drag on the economy. Exports have struggled in recent years, leaving growth unbalanced, thanks in part to a strong pound and weak demand in the euro area. Even the Office for National Statistics acknowledges it: “While total U.K. exports have grown at an average rate of 0.8 percent between 2012 and 2015, its performance over this period has been comparatively poor." For all of 2015, the total trade gap was the biggest since 2010, while the goods-trade deficit reached a record 125 billion pounds ($180 billion).
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