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Since last June’s Brexit vote goods export volumes are up 6 per cent. But over that period import volumes are also up 6.3 per cent, suggesting no contribution to GDP growth from net goods trade [Image: Bloomberg News].


This is Tory Britain:

A disappointing performance for exports in June pushed the trade deficit higher than expected according to the latest batch of official data, frustrating hopes of a currency-driven rebalancing of the UK economy.

Manufacturing also stagnated in the month and construction went backwards adding to the impression of Britain losing momentum as the clock ticks down to Brexit in 2019.

Goods export volumes fell 4.9 per cent in June, the biggest monthly fall since June 2016, while imports were up 1.5 per cent, said the Office for National Statistics (ONS).

Read more: UK trade deficit higher than forecasts as goods exports drop near 5% in June


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