News & Articles


Currency Solutions

Three-year UK trade deficit low

The recession is continuing to be a strain on the UK and has effectively weakened sterling exchange rates. The demand for foreign products has declined because of the weaker pound, as a result the UK trade deficit narrowed in May to the smallest in three years. The goods-trade gap was GBP6.3 billion, compared with GBP7.1 billion in April.

Imports fell 4% and exports declined 0.8% in May in support of the pound's 18% slide against the dollar in the past year. The slide is making British exports more competitive and encouraging companies to look away from imports.

The pound's downfall in the past year has its foreign exchange rates at USD1.6211 and EUR1.1592.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.

Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter

Bookmark and Share

Contact Us

Currency Converter

Today's Currency News

Rising consumer confidence in the UK and a hike to 2014 GDP forecast by the BCC earlier this week...

Currency Rates

US Dollars 1.6599
Euros 1.2639
Swiss Francs 1.5247
Australian Dollars 1.7774
South African Rand 17.705
GBP indicative mid-market rate at 21:10. Please call for quote.