Economic Buzz: UK Posts Largest Trade Gap On Record In January

11 Mar 2022 , 03:29 PM

UK visible trade deficit increased sharply in January due to a double-digit fall in exports amid surging imports, the Office for National Statistics said on Friday. The visible trade deficit widened to GBP 26.5 billion from GBP 12.35 billion in December. In the same period last year, the shortfall was GBP 15.3 billion. The expected deficit was GBP 12.6 billion. Data showed that merchandise exports fell 15.8 percent on month, reversing a 3.1 percent rise in December. At the same time, growth in imports accelerated to 21.8 percent from 1.4 percent. Meanwhile, the trade in services resulted in a surplus of GBP 10.34 billion, which was bigger than Decembers GBP 10.02 billion surplus. Consequently, the total trade balance showed a deficit of GBP 16.16 billion versus a GBP 2.34 billion deficit in December, the biggest since monthly records began.

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