LONDON Nov 7 (Reuters) - Britain's goods trade deficit widened by more than expected in September, hit by a jump in oil imports and by weak export growth to the European Union, official data showed on Friday.
This article paints a very clear picture about Britain's ever increasing manufacturing crisis. Britain has becomes a consumer nation, with little being produced that could reduce the current account deficit. The figures in the article show a continued increase in deficit which will have to lead to more borrowing to bridge the gap. To me this suggests that more has to be done to increase the balance of trade in goods through manufacturing and high end exports in goods.
India is experiencing a huge trade deficit and is now trying to reduce that by signing a deal with China to increase collaboration between the two countries. The deal will hopefully see more exports from India to China and break down chinese trade barriers to make access to the market better for India.