Investing.com – The U.K.’s goods trade deficit narrowed more-than-expected in December, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit narrowed to a seasonally adjusted GBP7.1 billion in December, compared to a deficit of GBP8.9 billion in November, whose figure was revised from a deficit of GBP8.6 billion.
Economists had expected the goods trade deficit to narrow to GBP8.4 billion in December.
The report said that the total trade deficit narrowed to GBP1.1 billion in December, after posting a deficit of GBP2.8 billion in the preceding month. Analysts had expected the total trade deficit to narrow to GBP2.5 billion.
This is the smallest deficit since April 2003, when the deficit in trade in goods and services was GBP0.9 billion.
Export prices of goods fell by 0.9% and import prices of goods fell by 1.3%, compared with November.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.23% to trade at 1.5855.
Meanwhile, European stock markets were broadly higher after the open. London’s FTSE 100 gained 0.5%, the EURO STOXX 50 rose 0.8%, France’s CAC 40 added 0.85%, while Germany's DAX surged 1%.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit narrowed to a seasonally adjusted GBP7.1 billion in December, compared to a deficit of GBP8.9 billion in November, whose figure was revised from a deficit of GBP8.6 billion.
Economists had expected the goods trade deficit to narrow to GBP8.4 billion in December.
The report said that the total trade deficit narrowed to GBP1.1 billion in December, after posting a deficit of GBP2.8 billion in the preceding month. Analysts had expected the total trade deficit to narrow to GBP2.5 billion.
This is the smallest deficit since April 2003, when the deficit in trade in goods and services was GBP0.9 billion.
Export prices of goods fell by 0.9% and import prices of goods fell by 1.3%, compared with November.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.23% to trade at 1.5855.
Meanwhile, European stock markets were broadly higher after the open. London’s FTSE 100 gained 0.5%, the EURO STOXX 50 rose 0.8%, France’s CAC 40 added 0.85%, while Germany's DAX surged 1%.