• The UK trade deficit in goods and services was £4.8billion in February, a narrowing of £0.4billion from the January 2016 figure
  • In the three months to February 2016, the total deficit widened significantly compared with the previous three months

Commenting on the UK trade figures for February 2016, published today by the ONS, David Kern, BCC Chief Economist, said:

“In spite of the small improvement in February, the latest figures are disappointing. The January deficit was revised down, and over the past three months we have seen the largest deficit since the first quarter of 2008.

“It is particularly concerning that in the last three months exports fell while imports rose. Coming after the record current account deficit, these figures reinforce our view that much more is needed to boost our export performance. This must include a greater emphasis on helping firms to break into new and growing markets.”