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UK goods trade deficit narrows to £9.1b in February
The UK’s goods trade deficit with the rest of the world narrowed in February by more than expected, helped by a fall in imports, official data has shown. The Office for National Statistics (ONS) said the trade deficit shrank to £9.1 billion from £9.4 billion in January. Economists had expected a deficit of £9.2bn. Imports fell 2.2 per cent to £32.6 billion in February, helping to offset a 1.6 per cent fall in exports to £23.5 billion—the lowest level of exports since November 2010.
The UK trade deficit is the measure of the difference between the value of goods the country exports compared with the value of the goods it imports. The ONS said imports of aircraft and aircraft parts fell 46.3 per cent in February, contributing to three quarters of the total fall in imports in the month.