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The UK's trade defecit widened in February

12-Apr-2012

Radley Green disappointed as the BBC today reported that the UK's trade deficit widened in February as exports of goods to non-EU countries dropped.

The Office for National Statistics reported a deficit on the trade in goods and services increased to £3.4bn from a revised £2.5bn in January.

It appears a decrease in exports was driven by lower sales of cars (down £400m) to countries outside the EU, including the US, Russia and China.

Imports remained unchanged but total exports of goods fell 3.4% in February.

The UK's goods trade deficit was £7.9bn in January and this increased to £8.8bn in February.

Services surplus was unchanged at £5.4bn.

Some surveys appear to suggest that the sector is growing but in contrast to this, last week, ONS data showed a surprise 1% fall in UK manufacturing output in February.

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