Mubasher: The UK’s total trade deficit contracted during the third quarter of this year, owing to rising exports, official figures showed on Monday.

Total trade gap declined by GBP 5 billion ($6.39 billion) to GBP 6.4 billion ($8.18 billion) over the three months to September, the Office for National Statistics (ONS) said.

In the third quarter, services trade surplus expanded by GBP 4 billion to GBP 26.8 billion, as exports climbed by GBP 4.5 billion to GBP 76 billion, while imports rose by GBP 500 million to GBP 49.2 billion.

Goods deficit with nations outside the European Union (EU) shrank by GBP 2.3 billion to 9.9 billion, while it widened by GBP 1.3 billion to GBP 23.3 billion with member states of the bloc.

Nevertheless, during the 12 months ended last September, the trade deficit grew by GBP 18.9 billion to GBP 51.6 billion, led by a growing goods trade gap of GBP 152.7 billion.

By 11:43 am GMT, the GBP/USD pair rose by 0.40% to $1.2825, as the EUR/GBP pair fell by 0.30% to GBP 0.8598.