UK February trade balance data now out 11 April
- GBP -12.228 bln prev revised up from -12.325bln
- trade balance non-EU GBP -2.237bln vs -4.037bln prev revised down from -3.868bln
- total trade balance GBP - 965m vs -2.6bln exp vs -2.949bln prev revised up from -3.074bln
A better report overall but soggy production data sees GBP wobble a little but gathering some poise again as I type. EURGBP holding 0.8700 again though and helping to cap cable.
Says the ONS:
The £0.4 billion widening of the total trade deficit was due mainly to a £2.1 billion fall in non-EU goods exports, partially offset by increases of £0.9 billion in EU goods and £0.4 billion in total services exports in the three months to February 2018.
Movements in goods exports were largely offset by imports, therefore there was little change in the goods deficit with EU or non-EU countries, which widened by £0.2 billion and narrowed by £0.1 billion respectively in the three months to February 2018.
The goods deficit widened by £0.1 billion in the three months to February 2018; the balances for fuels and unspecified goods widened by £1.9 billion and £0.6 billion respectively, offsetting a £1.4 billion and £0.8 billion narrowing of the machinery and transport equipment, and chemicals balances respectively.
Full report here
