Trade Deficit Narrows To £1bn

Britain's trade deficit on goods and services was estimated to have been £1bn in December 2013 according to the ONS. This compares with a deficit of £3.6bn in November 2013. There was a deficit on goods of £7.7bn but a surplus of £6.7bn on services.

In terms of imports and exports, imports fell by 3.8% and exports grew by 2.1%. The biggest exports were in oil, chemicals and aircraft. There were falls in the import of aircraft and ships. Exports increased by 1.9% to £25bn between November and December 2013 while imports have decreased by 4.7% to £32.8bn.

Exports to countries outside the EU have increased 9.3% since July 2013 and imports have decreased by 9.6%.