In the UK, the visible trade balance showed a slightly contracting trade deficit in July. The visible trade deficit shrank from a revised £6515 to £6479, while a deficit of £6250 was forecasted. Looking at the details, the increase in exports (5.0% M/M) exceeded the improvement in imports (3.5% M/M). Both exports and imports recorded their largest gains since January 2008, providing further evidence that the UK economy has started to recover.