Latest UK trade data now out 9 March

  • GBP - 11.771bln revised up from -13.576bln
  • trade bal non-EU GBP -3.868bln vs -4.5bln exp vs -3.891bln prev rev up from -5.178bln
  • trade balance GBP -3.074bln vs -3.4bln exp vs -2.492 bln prev rev up from -4.896bln

Soggy headline but better overall helped by firmer/steadier GBP but pound pairs unfazed tempered by softer UK production data also out.

GBPUSD 1.3812 EURGBP 0.8912 GBPJPY 147.44

Says the ONS:

  • The £3.4 billion widening of the total trade (goods and services) deficit was due to a £3.2 billion widening of the trade in goods deficit and a £0.2 billion narrowing of the trade in services surplus.

  • The widening of the trade in goods deficit was due mainly to a £1.3 billion increase in imports (particularly fuels) from non-EU countries, combined with a £1.2 billion decrease in exports (including fuels) to non-EU countries, in the three months to January 2018.

  • Large decreases in fuels export volumes combined with increases in fuels import prices had the largest impact on the widening of the trade in goods deficit in the three months to January 2018.

Full release here