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- UK total trade deficit widened in the three months to February 2019
UK total trade deficit widened in the three months to February 2019
According to the report from Office for National Statistics, the total trade deficit (goods and services) widened £5.5 billion in the three months to February 2019, as the trade in goods deficit widened £6.5 billion, partially offset by a £0.9 billion widening of the trade in services surplus.
Rising imports of unspecified goods (including non-monetary gold), machinery and transport equipment, and chemicals were the main reasons for the widening of the trade in goods deficit in the three months to February 2019.
Excluding erratic commodities (including non-monetary gold), the total trade deficit widened £2.0 billion in the three months to February 2019.
The trade in goods deficit widened £1.3 billion with EU countries and £5.2 billion with non-EU countries in the three months to February 2019.
Removing the effect of inflation, the total trade deficit widened £7.1 billion to £12.7 billion in the three months to February 2019.
The total trade deficit widened £15.9 billion in the 12 months to February 2019 as imports of both goods and services increased more than exports.
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