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UK trade gap widens by £300m in 2015 UK goods trade gap biggest on record
(35 minutes later)
The UK's trade gap with the rest of the world widened by £300m in 2015, official figures show. The UK's goods trade gap with the rest of the world widened by £1.9bn to a record high of £125bn in 2015, official figures show.
The deficit - the difference between the amount the UK imports and what it exports - stood at £34.7bn in 2015, the Office for National Statistics said. The Office for National Statistics also warned the latest figures would have a negative impact on its second estimate of fourth-quarter economic growth.
The figures also contained December's trade data, which showed the deficit narrowed by £1.3bn in the month. But 2015 also saw a record surplus in the UK's dominant services sector of £90bn.
The goods deficit also fell, to £9.9bn from £11.5bn in November, thanks to a fall in imports of £1.7bn in December. That meant the UK's total trade gap widened by just £300m last year.
The overall deficit - the difference between the amount the UK imports and what it exports - stood at £34.7bn in 2015, the ONS said.
It will publish its second estimate of fourth-quarter economic growth on 25 February.
The figures also contained December's trade data, which showed the deficit narrowed by £1.3bn to £2,7bn overall in the month.
The goods deficit fell to £9.9bn from £11.5bn in November, but that was thanks to a fall in imports of £1.7bn in December rather than an increase in exports.
Part of the fall was accounted for by falling oil prices, which meant the cost of oil imports fell in value to their lowest level since February 2009.
In three months to the end of December, the UK's trade deficit stood at £10.4bn, compared with £8.6bn in the three months to the end of September.
The trade deficit is one of the factors cited by analysts as a drag on UK economic growth, which has been exacerbated by the strengthening pound over the past few years.The trade deficit is one of the factors cited by analysts as a drag on UK economic growth, which has been exacerbated by the strengthening pound over the past few years.
A stronger pound makes UK exports more expensive for overseas customers.A stronger pound makes UK exports more expensive for overseas customers.