Britain’s exports fell sharply in the second quarter, highlighting the difficulty the UK economy faces as it tries to recover amid slowing global growth.
Goods exports fell 3.1 per cent in volume terms as the UK recorded its biggest trade deficit in at least 15 years. David Tinsley, economist at BNP Paribas, described the data as “spectacularly bad”.
The crisis in the eurozone, the destination of about 40 per cent of the UK’s exports, has been compounded by slowing growth in the US and emerging markets such as China.
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