LONDON: The UK’s trade in goods deficit jumped to its highest level in 15 months in December as rising global oil prices pushing up the prices of fuel imports, official data on Friday showed.
The Office for National Statistics separately reported that the shut down of the Forties pipeline in the North Sea disrupted overall UK industrial production in the month, causing a 1.3 per cent decline.
The ONS said that manufacturing continued to expand in January, with output rising by 0.3 per cent, the eighth consecutive month of growth for the sector. On trade, the ONS said goods imports exports rose 1.5 per cent in December to £29bn while imports were up 3.8 per cent at £41.5, leaving the overall balance at £13.6bn, the highest since September 2016.
UK exports had been supported to some extent by the slump in sterling in the wake of the June 2016 Brexit vote, but imports had also been strong, reducing the positive impact on overall GDP growth.
