UK's visible trade deficit narrowed to GBP 7.3 billion in February from a revised deficit of GBP 7.8 billion in January, the Office for National Statistics said Thursday. Economists had expected the goods trade deficit to contract to GBP 7.6 billion, while the ONS revised January's deficit from GBP 7.7 billion.
In February, total exports of goods rose 2.5% to GBP 18.9 billion, while total imports of goods fell 0.5% to GBP 26.2 billion.
The trade deficit with non-EU countries narrowed to GBP 4 billion compared with the revised deficit of GBP 5.6 billion in January, which was initially reported as a deficit of GBP 5.7 billion. Exports to non- EU countries rose 13%, while imports from those countries fell 5.5%
Exports to EU countries fell by 4.5% and imports from EU countries rose 5%. The deficit with EU countries was GBP 3.4 billion in February, compared with a deficit of GBP 2.2 billion in January.
However, there trade in services showed a surplus of GBP 4.1 billion, compared with a surplus of GBP 4.7 billion in January. Earlier, the surplus in January was reported GBP 4.2 billion.
Hence, there was a total trade deficit of GBP 3.2 billion in February, compared with the deficit of GBP 3.1 billion in January, which was revised from a deficit of GBP 3.6 billion initially reported.
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