Hope for economic recovery as exports take off

British PoundThe Office for National Statistics said the building industry grew by 1.4 per cent in the quarter to June 30.Overall, exports hit a record high of £78.4billion with growth of 3.2 per cent last month alone.

As a result, the trade deficit in goods fell to £8.1billion in June from May’s £8.7billion, but a £6.5billion service sector surplus cut the overall figure to £1.6billion.

Exports to China rose 20 per cent on last year and exports outside the EU rose by £1.3billion to £14.2billion in June. Manufacturing output was also up 1.9 per cent.

The growth was mostly driven by trade with non-EU countries – a positive sign that UK companies are seeking customers further afield

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