Oil sales help narrow trade gap
Britain's goods trade deficit narrowed in February to it smallest since August last year thanks in part to an oil surplus, according to the Office for National Statistics.
The trade gap shrank to £7.49bn from £7.92bn in January, revised up from £7.5bn previously, matching economists' expectations.
Today's numbers showed the deficit on trade in goods and services closed to £4.4bn from £5bn at the start of the year, with the monthly trade surplus in services at £3bn.
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The oil balance recorded its biggest surplus in nearly two years at £82m versus a deficit of £482m in January. Oil exports hit a record high at £2.5bn, while imports dropped to £2.4bn.
Total exports of goods stayed at £20.5bn in February against imports of £28bn, some half a billion less than the month before.
The deficit with non-EU countries fell to £4bn from £4.3bn, while the gap with the EU closed to £3.5bn from £3.7bn.
