UK trade deficit narrows after oil price falls
The falling price of oil helped to narrow the UK’s trade gap with the rest of the world in November to its lowest since June 2013, official figures show.
The Office for National Statistics (ONS) said the UK’s deficit in goods and services was £1.4bn in November, compared with £2.2bn in October.
But it said this reflected a fall in the value of imports rather than an increase in export activity.
Imports fell £1.1bn in the month, which included a £0.7bn fall in oil imports.
The price of Brent crude oil has fallen by more than 50% since August. The drop has been blamed on oversupply, in part as a result of increased domestic oil production in the US, and slowing demand, particularly in China.
The UK’s £8.8bn deficit in goods was partly offset by its £7.4bn surplus in the supply of services.
The trade gap represents the difference between the value of goods and services we export around the world against the value of those we import.
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