The UK's deficit on trade in goods and services was GBP 2.5 billion in March, compared with a revised deficit of GBP 2.8 billion in February, the Office for National Statistics said Tuesday. Meanwhile, economists had expected a deficit of GBP 3 billion. Total exports fell 0.8% month-on-month and imports dropped 1.4%.

The deficit on trade in goods was GBP 6.6 billion in March, compared with the deficit of GBP 6.8 billion in February, which was originally published as a deficit of GBP 7.3 billion. Meanwhile, the surplus on trade in services was GBP 4.1 billion, the same as in February.

The deficit with EU countries was GBP 3.3 billion in March, compared with a deficit of GBP 3.1 billion in February and that with non-EU countries narrowed to GBP 3.3 billion from a deficit of GBP 3.7 billion in February.

In the first quarter, the deficit on trade in goods and services widened to GBP 8.3 billion from GBP 8 billion deficit in the previous quarter.

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