The UK trade deficit widened greatly in June 2015 from a two-year low in May, the Office for National Statistics reports. So, the UK foreign trade deficit in goods and services almost doubled in June to £1.6 billion ($2.5 billion) from £885 million in the previous month.
Economists are certain that the stronger pound sterling is still making an adverse impact on export sales. Despite the fact, the foreign trade made a positive contribution to the British economy in Q2 2015, judging by the notable contraction of deficit in April and May.
According to the UK Office for National Statistics, Q2 GDP expanded 0.7% from 0.4% in the previous quarter.
Back in 2012, the UK government pledged to adopt measures to bolster export sales. Indeed, the authorities launched a program with a view to doubling export sales to £1 trillion by 2020 through government aid and the policy of entering new sales markets.
However, under the current rate of export growth, the target of £1 trillion could be reached only by 2034, the Association of British Chambers of Commerce reports. The Association comprises over 90,000 domestic companies.
The UK import sales rose 1.5% in June 2015 while export sales on the contrary fell 1%.
