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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/goods-trade-deficit-at-record-high.jpg"><img class="alignnone size-full" title="Britain's trade in goods deficit widened to 8.7 billion pounds in November" src="http://londonglossy.com/wp-content/uploads/2011/01/min-goods-trade-deficit-at-record-high.jpg" alt="Britain's trade in goods deficit widened to 8.7 billion pounds in November"/></a></p>
<p>Imports of oil and aircraft pushed Britain&#8217;s goods trade deficit to a record high in November, official figures have shown.</p>
<p>The trade in goods deficit &#8211; the difference between goods exported and imported &#8211; widened to £8.7 billion in November, from £8.6 billion in October, the Office for National Statistics said.</p>
<p>The overall trade deficit, which includes services as well as goods, widened from £4 billion to £4.1 billion.</p>
<p>Total goods imported rose by 3.4% to £32.4 billion in the month, while goods exported rose by 4.1% to £23.6 billion, the ONS said.</p>
<p>Economists said a widening trade deficit was a blow to hopes that net trade &#8211; when exports outstrip imports &#8211; could make a positive contribution to economic growth in the fourth quarter of the year.</p>
<p>After slashing public sector spending, the Government has pinned its hopes for economic recovery on the private sector, and net trade will be key to growth.</p>
<p>Latest survey evidence has offered hope for exports going forward. The export orders balance of the CBI&#8217;s industrial trends survey jumped to a 15-year high in December, while the export orders index for the manufacturing purchasing managers&#8217; survey was at the second highest level in its 15-year history.</p>
<p>Vicky Redwood, senior economist at Capital Economics, said: &#8220;November&#8217;s UK trade figures are not as bad as the widening in the headline deficits suggests. However, it is clear that net trade is giving at best a limited boost to the wider economic recovery.&#8221;</p>
<p>She said excluding oil and erratics, such as aircraft, the trade in goods balance narrowed from £8 billion to £7.4 billion.</p>
<p>Ms Redwood went on: &#8220;Encouragingly, exports rose strongly in November. The continued upbeat tone of the forward-looking measures of export orders suggest that exports will keep growing strongly in the near-term.&#8221;</p>
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