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Britain'S Trade Deficit Hit A Eight Year High In 2018.

2019/11/11 12:14:00 2

Trade DeficitNew High

According to the financial times, with the weakening of the service sector, the trade deficit in 2018 hit a new high of eight years, making it difficult for Britain to bear additional economic shocks.

According to the data, Britain's trade deficit reached 37 billion 700 million pounds in 2018, accounting for 1.8% of GDP share, and 25 billion pounds in 2017, accounting for 1.2% of GDP's share. This will lead to an increase in the current account deficit in the UK, accounting for 4.3% of the GDP share, 0.8% higher than last year. Suren Thiru, chief economist of the British Chambers of Commerce, said the increase in the current account deficit would make the UK more vulnerable to changes in economic conditions.

The BoE has long warned that foreign capital inflows have contributed to the current account deficit in recent years, making it easier for Britain to be influenced by foreign investors. The uncertainty of the UK's future prospects has led to a decrease in foreign investment. The government's efforts to attract capital will probably increase the return on assets and tighten the credit conditions of British households and businesses.

Since 1984, the UK has been running a deficit in the current account due to a shortage of commodity trade, which has hit a record high in 2016. Britain's merchandise trade deficit rose slightly from 6.6% in 2017 to 6.7% in 2018. In addition, the surplus in service trade in 2018 dropped from 5.3% in 2017 to 4.9%, mainly due to intellectual property services and transport services. According to the data from the National Bureau of Statistics (ONS), export services in 2018 were 104 billion 700 million more than imported services, which was about 6% down compared with 2017. The service industry accounts for 80% of the British economy, and its trade surplus in services is second only to the United States, ranking second in the world.

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