Manufacturing and trade data roundup

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Manufacturing output and trade figures were both out today. Here is a quick overview of what they showed:
Manufacturing output fell in August, but is still on track to grow over the quarter
Manufacturing output fell 1.2% in August. Declines were particularly concentrated in a few sectors – namely food, pharmaceuticals and electronics.
BUT Manufacturing is still on track to grow in the third quarter: even if output in the sector fell 1.6% in September, output would be flat in Q2. Other data, such as PMI surveys and our Business Trends survey are consistent with continued growth
Output grew in metals and electrical equipment
Looking at the trade figures over a three-month period, presents something of a negative picture:
The trade in goods deficit increased by £1.4bn to £27.7bn.
Exports of goods decreased by 1.2% in the three months to August
Imports of goods increased by 0.5% in the three months to August 2013 to £104.5bn, a record high. Imports from the EU reached a record high of £54.6bn.
Exports to countries within the EU increased by 0.7% to £38.8bn in the three months to August 2013,
Exports to countries outside the EU fell by 3.0% to £38.0bn in the same period.
However, looking at August alone, there are signs that things are picking up:
Slight improvement in trade in goods deficit
Exports and imports both increased, which is consistent with greater World Trade activity. Within the export figures, exports to the EU decreased, while exports to non-EU countries increased.


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