UK trade gap narrows in Jan

Ben Southwood
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THE UK’S trade deficit narrowed in January as exports fell but not as sharply as a deep drop in imports into the country.

The UK earned a £5.8bn surplus in trading services, the figures from the Office for National Statistics (ONS) revealed, but this was balanced out by an £8.2bn deficit in goods trade – leaving a £2.4bn gap overall in the month.

This deficit was £0.4bn narrower than December’s £2.8bn shortfall, after total imports dived from £43.6bn to £42.2bn, a fall of £1.4bn, versus a slump of closer to £0.9bn in exports.

The ONS said the move was mainly down to a £1.3bn narrowing in the deficit on oil, as exports rose and imports crashed.