UK trade deficit widens to £6.4bn as non-EU exports decline
The UK imported £700m in fuel from the EU in the three months to February
Posted by Times News on Wednesday, 11th April 2018
The UK trade deficit widened to £6.4bn in the three months to February due to a fall in non-EU exports.
According to the Office for National Statistics (ONS), the total trade deficit widened by £400m, with non-EU goods exports declining by £2.1bn. This was offset by an increase of £900m in EU goods and £400m in total services exports.
Comparing the 12 months to February 2018 with the same period in 2017, the total trade deficit narrowed by £12.9bn to £27.5bn.
Goods imports increased by £1.1bn from the EU, which was slightly larger than the £900m increase in exports to the EU during the three month period.
The main contribution to the rise in imports from the EU was a £700m increase in imports of fuels, the ONS said, followed by increases of £300m in machinery and transport equipment.
Editor: Georgina Yan