By Marcus Leach

Official figures have shown that the UK's trade deficit has shrunk in August as a record high was reached for export goods.

The deficit was cut from £2.3 billion in July, to £1.9 billion in August, as exports rose by 0.6%.

Total exports of goods reached £25.5 billion, following the 0.6% rise, while imports of goods declined by 0.7% to £33.3 billion.

“While the weakness in the pound should have boosted UK exports over the past few years the truly global nature of the slowdown has meant that is not the case," Jeremy Cook, chief economist at currency brokers, World First, said.

“Exporters that we speak to are particularly worried about the problems in the Eurozone, as it makes up over 50% of UK exports.

“The feeling from both business and the Bank of England is that we need to see an increase in consumer confidence and business investment before this improves markedly.”

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