UK's current account deficit narrows


Britain’s trading position with the rest of the world improved in the second quarter of the year. 


The UK’s current account deficit was £16.8 billion in the April to June 2015 quarter, down from a revised deficit of £24.0 billion in the January to March 2015 quarter. The narrowing of the current account deficit was mainly due to a narrowing in the deficit on the trade account.


The trade deficit narrowed to £3.5 billion in the second quarter 2015, from £10.5 billion in the first quarter of the year. This was primarily due to a narrowing in the trade in goods deficit as exports rose by £4.5 billion and imports fell by £3.2 billion.


The trade in services surplus was £22.8 billion in second quarter, a decrease of £0.7 billion from the first. At £56.2 billion, exports were £0.2 billion higher than the first quarter. Imports increased by £0.8 billion to £33.3 billion.


A deficit of £26.9 billion was recorded with the EU in the second quarter, compared with a deficit of £27.6 billion in the first. 


The current account surplus with non-EU countries in first quarter of the year of £3.6 billion increased to £10.2 billion in the second.


www.ons.gov.uk/ons/dcp171778_418061.pdf