- GBP-7.66 bln prev revised up from -7.72 bln
- non-EU GBP -3.9bln vs -2.7 bln exp vs -2.32bln prev
GBPUSD lower on the weaker data at 1.6612 but not flying down at the moment. It always surprises me that this data is largely ignored upon release but these are bad numbers and must be an ongoing concern
Exports hit a 19 month low which can not be helped by the stronger pound.
The total trade deficit was lower than the GBP 3 bln monthly average seen in H2 2013. The goods and total trade deficits were in line with forecasts but trade with the EU was worse with exports to other EU countries falling to their lowest level since October 2012, led lower by weak chemical and aircraft exports. Q4 trade was revised lower but will not impact the next estimate of GDP.
Add:
- Jan construction output m/m +1.8% y/y +5.4%
- Q4 construction output revised to -0.2% vs +0.2% but no impact on Q4 GDP seen
UK Trade Balance table Jan
