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    Home » British Trade Deficit Widens to Record High in January as Exports Fall
    Forex News

    British Trade Deficit Widens to Record High in January as Exports Fall

    March 11, 20221 Min Read
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    British Trade Deficit
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    The UK’s trade deficit widened to a record high in January as exports to the European Union plummeted with a surge in red tap after Britain’s exit from the bloc.

    • Imports of goods excluding precious metals, which can be volatile, jumped 11% in January due to an increase in shipments from the EU. Exports plunged 8.7%, with sales to the EU down sharply.
    • ONS stated that nearly two-thirds of the 21% plunge in exports to the EU was attributable to a change in methodology, implying that some goods sent to the bloc are recorded later and are likely to show up in the Feb. figures.
    • Imports of cars increased strongly as a fall in domestic production triggered demand for vehicles from the EU.

    A portion of the increase was due to a post-Brexit change in how data on trade with the EU was gathered. Trade with non-EU countries remained largely the same from December.

    FTSE 100 up +1.76%, GBP USD up +0.21%

    Source: Office for National Statistics

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