In August, the UK visible trade deficit narrowed more than expected, but also previous figures were significantly revised. The UK trade deficit narrowed from a revised L8.154 billion (earlier reported as a deficit of L8.922B) to L7.768 billion, while the consensus was looking for a bigger shortage (of L8.800B). The details show exports rose by 1.3% M/M, while imports rose by a more moderate 0.3% M/M. The increase in exports was led by fuels followed by intermediate goods. Also the trade deficit excluding oil narrowed in August, from a revised L8.003B to L7.645 billion. These figures bode well for third quarter GDP in the UK, although we should be careful to draw strong conclusions as UK trade data are usually subject to strong revisions.