Investing.com - The U.K.’s goods trade deficit narrowed to a three-month low in April, as both imports and exports increased, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said the country's goods trade deficit fell to a seasonally adjusted £10.53 billion from a deficit of £10.65 billion in March. Economists had expected the goods trade deficit to widen to £11.2 billion in April.
This narrowing reflected an increase in exports, up £2.2 billion to £26.1 billion, and an increase in imports, up £2.0 billion to £36.6 billion.
U.K. trade data shows the extent of import and export activity, a key contributor to the overall economic growth of the U.K.
GBP/USD was trading at 1.4453, while EUR/GBP was at 0.7863. Meanwhile, European stock markets were mostly lower. London’s FTSE 100 shed 0.85%, the EURO STOXX 50 declined 1%, France's CAC 40 dropped 1.1%, while Germany's DAX slumped 1.4%.