UK DATA: Jan global goods deficit Stg7.987bn vs Stg7.01bn in Dec
–Jan global goods/services deficit Stg3.768bn vs Stg2.599bn in Dec
–Jan global goods deficit ex oil/erratics Stg7.432bn vs Stg6.548bn Dec
–Jan global goods deficit median forecast Stg6.9bn; total Stg3.1bn
————————————————————————
The global goods deficit widened sharply in Jan to its highest
level since Aug 2008, close to the record high seen in Sep 2007. Exports
plunged 6.9% m/m while imports were down 1.6%. Most of the worsening was
seen with the non-EU shortfall which rose to Stg4.8bn the highest since
Jan 09. Non-EU exports dropped 12.5% m/m the largest fall since Jan last
year while imports were up 1.6%. The underlying trade gap was also up
sharply to Stg7.432bn from Stg6.548bn the widest since Sep 2008. NS said
there was no direct evidence that the cold weather in Jan had impacted
the data. Ports remained open throughout Jan although it may be that
some exporters could not get their goods to ports.