LONDON (MNI) – A sharp fall in exports to non-EU countries in
February, in part due to the reversal of a surge in car exports in
January, drove the UK’s global goods trade deficit wider.
The global goods trade deficit expanded to Stg8.772 billion in
February from Stg7.883 billion in January, far wider than analysts’
median forecast for a Stg7.6 billion outturn. The key factor was the
Stg1.1 billion, or 8.8%, fall on the month in exports to non-EU
countries.
National Statistics cited lower exports of cars, down Stg0.4
billion on the month, capital goods, down Stg0.3 billion and
intermediate goods. The fall in car exports was particularly marked to
China, Russia and the US.
The monthly fall in car exports appears to be simply a reversal of
the spike in automobile exports in January. Car exports in January rose
to Stg2.2 billion, up Stg0.5 billion on the month, with National
Statistics saying most of the rise was in exports to China, Russia and
the US. The January monthly rise was the largest on record.
“I think we are seeing an unwinding of that this month,” a National
Statistics official said.
Oil exports rose to Stg3.607 billion from January’s Stg3.503
billion.
The EU 27 deficit narrowed to Stg3.755 billion in February from
Stg4.166 billion in January, with exports rising to Stg13.126 billion
from Stg12.876 billion.
The total trade gap widened to Stg3.396 billion from January’s
Stg2.501 billion.
–London newsroom: 44 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$BDS$,M$B$$$,MABDS$]
