UK manufacturing drops sharply, trade deficit rises

The UK Office for National Statistics (ONS) data released today showed manufacturing production fell sharply in February, dragging the industrial production lower as well, while trade deficit spiked.

The Industrial production dropped 0.3% m/m drop followed a revised 0.2% increase in January. Manufacturing production fell 1.1% m/m and 1.8% y/y, both printing lower than estimates.

Goods trade deficit hit record high

UK’s goods trade deficit with the EU hit a record high of GBP 8.6 billion. Total trade deficit shrank to GBP 11.964 billion from a revised GBP 12.2 billion the previous month.