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- Philippines: Loans Oustanding of Philippine Banking System (Oct)
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Economy in Brief
German Trade Data Tell a Tale of Two Germanys
Germany's October trade report is better than expected...
U.S. Nonfarm Payroll Growth Rebounds; Wages Firm & Jobless Rate Eases
The labor market firmed during November...
U.S. Consumer Credit Usage Accelerates
Consumer Credit Outstanding increased $18.90 billion (4.8% y/y during October...
U.S. Wholesale Inventories Edge Up While Sales Slump
Wholesale inventories edged up 0.1% m/m (+3.8% y/y) in October...
U.S. Trade Deficit Shrinks as Imports Fall Sharply
The U.S. trade deficit in goods and services declined to $47.20 billion during October...
by Louise Curley February 10, 2004
Britain's merchandise trade deficit improved by 197 million pounds in December but, for the year as a whole, the deficit was 46,385 million pounds which is only slightly lower than the record deficit of 46,630 million pounds in 2002.
The weakening of the pound against the euro during the year, apparently did little to stimulate exports to the European Union. In spite of the almost 10% decline in the average level of the pound against the Euro in 2003, exports to the European Union declined by 5%. In the areas outside the EU, exports rose over 8% in spite of a rise of almost 9% in the dollar/pound exchange rate.
It appears that sluggish demand in the EU area, particularly in Germany, and strong demand in the non EU area have played the more important role in determining British exports.
United Kingdom (Mil. Pounds) |
Dec 03 | Nov 03 | Dec 02 | M/M % or dif | Y/Y % or dif |
2003 | 2002 | 2001 |
---|---|---|---|---|---|---|---|---|
Trade Balance | -3267 | -3249 | -2611 | -18 | -656 | -35,814 | -31,449 | -27,620 |
Goods | -4159 | -4356 | -3759 | 197 | -400 | 46,385 | 46,630 | 40,620 |
With EU | -2753 | -2179 | -1825 | -574 | -828 | -23,759 | -20,695 | -11,675 |
With non EU | -1406 | -2177 | -1924 | 771 | 518 | -22626 | -25,935 | -28,945 |
With USA | 856 | 475 | 612 | 381 | 244 | 6,241 | 3,289 | -27 |
Services | 892 | 1107 | 1148 | -215 | -256 | 10,571 | 15,181 | 13,000 |
Total Goods Exports | 16,097 | 15,474 | 14,945 | 4.03 | 7.71 | 187,846 | 186,517 | 190,050 |
To EU | 8562 | 8582 | 8659 | 0.23 | -1.12 | 104,869 | 109,855 | 109,710 |
To non EU | 7535 | 6892 | 6286 | 9.33 | 19.87 | 82,975 | 76,662 | 80,340 |
To USA | 2652 | 2309 | 2465 | 14.85 | 7.59 | 28,942 | 28,192 | 29,561 |
To Germany | 1742 | 1733 | 1693 | 0.52 | 2.89 | 20,709 | 22,068 | 23,647 |
Exchange Rate (Ave) | ||||||||
Euro/pound | 1.4246 | 1.4426 | 1.5566 | -12.5 | -8.48 | 1.4456 | 1.5907 | 1.6088 |
Dollar/pound | 1.7507 | 1.6801 | 1.5863 | 3.59 | 10.36 | 1.6346 | 1.5026 | 1.4700 |