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The UK’s trade deficit narrowed in March, as shrinking imports outpaced a fall in exports, according to numbers from the Office for National Statistics on Friday.
The nation’s trade deficit narrowed to £2.86 billion in March from £3.35 billion in February. From a year earlier, the deficit slimmed markedly to £12.12 billion.
Exports fell 1.2% to £66.94 billion in March from £67.74 billion in February. Imports declined 1.8% to £69.80 billion from £71.09 billion.
The non-EU trade deficit narrowed to £5.46 billion in March from £5.79 billion in February. The latest figure defied consensus, which had expected the deficit to widen to £6.69 billion, according to FXStreet.
Separate UK data showed industrial production grew 0.7% monthly in March, the strongest growth since a 1.4% rise in May 2021. It follows on-month output falls of 0.1% and 0.3% in February and January, respectively.
Output had been expected to be flat in March from February, according to FXStreet cited consensus.
The pace of annual decline slowed to 2.0% in March from 2.7% in February. Output had been expected to decline 2.9% year-on-year in March.
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