Investing.com – Britain's deficit on trade in goods narrowed further than forecast in February, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the deficit shrank to GBP 6.2 billion during the month, compared with a deficit of GBP 8.1 billion in January, whose figure was revised up from GBP 8 billion.
Economists had expected a more modest decline in the deficit to GBP 7.3 billion.
According to the office, exports rose by GBP 1.8 billion whilst imports were broadly unchanged. The UK’s deficit on trade in goods and services was GBP 2.1 billion in February, compared with a revised GBP 3.9 billion in January, the office said.
Following the release of the data, the pound strengthened against the U.S. dollar, with GBP/USD rising 0.15% to hit 1.5392.
In a report, the U.K. Office for National Statistics said the deficit shrank to GBP 6.2 billion during the month, compared with a deficit of GBP 8.1 billion in January, whose figure was revised up from GBP 8 billion.
Economists had expected a more modest decline in the deficit to GBP 7.3 billion.
According to the office, exports rose by GBP 1.8 billion whilst imports were broadly unchanged. The UK’s deficit on trade in goods and services was GBP 2.1 billion in February, compared with a revised GBP 3.9 billion in January, the office said.
Following the release of the data, the pound strengthened against the U.S. dollar, with GBP/USD rising 0.15% to hit 1.5392.