UK trade deficit shrinks in March as exports pick-up

As reported by the Office for National Statistics (ONS), the total trade deficit in March came in less than expected GBP3.8 billion, narrowing from GBP4.3 billion in February.

The goods trade deficit shrank more than expected to GBP11.2 billion in March from a revised GBP11.4 billion in February. The narrowing goods trade deficit was mainly in response to a rise in exports by GBP400 million to GBP23.7 billion.

While on quarterly basis, the trade deficit in Q1 stood at GBP13.3 billion, the highest since the first quarter of 2008. The deficit narrowed from GBP 12.2 billion booked in Q4 2015.