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ONS trade data 'may not give the whole picture'

The Engineering Employers Federation (EEF) has questioned whether or not the latest UK Trade data from the Office for National Statistics (ONS) offers a full picture of the situation.

It was indicated that the deficit on trade in goods and services was £4.3 billion in June, which is a considerable increase on the equivalent figure of £2.7 billion recorded in May.

Chief economist at the EEF Lee Hopley said that the monthly trade data may not be a suitable picture of the health of UK exporters, given the impact of various one-off events taking place in 2012 - as this has also proven to have been an issue with recent reports of a drop in industrial output.

"Whilst it's clear the eurozone crisis is still hitting demand, with sales at a near two-year low, exports to non-EU markets are holding up year on year," she commented, adding that this is more in line with feedback received from manufacturers.ADNFCR-1898-ID-801426274-ADNFCR

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