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| UK trade deficit narrows in January on oil price falls | UK trade deficit narrows in January on oil price falls |
| (35 minutes later) | |
| The UK trade deficit has narrowed to £616m in January from a five-year high of £2.1bn in December, latest figures from the Office for National Statistics have revealed. | The UK trade deficit has narrowed to £616m in January from a five-year high of £2.1bn in December, latest figures from the Office for National Statistics have revealed. |
| Imports decreased by £2.5bn from December 2014, the largest monthly decrease since July 2006. | Imports decreased by £2.5bn from December 2014, the largest monthly decrease since July 2006. |
| The large decrease in imports was mainly due to a £1.3bn fall in the imports of fuels, specifically oil. | The large decrease in imports was mainly due to a £1.3bn fall in the imports of fuels, specifically oil. |
| Imports of oil were £2.2bn in January, their lowest level since May 2009. | Imports of oil were £2.2bn in January, their lowest level since May 2009. |
| Excluding the impact of falling oil prices on the trade deficit, which also led to a decline of UK fuel exports, the balance of trade in goods excluding oil also narrowed to a deficit of £7.8bn. | Excluding the impact of falling oil prices on the trade deficit, which also led to a decline of UK fuel exports, the balance of trade in goods excluding oil also narrowed to a deficit of £7.8bn. |
| That was the lowest monthly deficit in goods since June 2013. | That was the lowest monthly deficit in goods since June 2013. |
| The UK's goods trade deficit with the 28 EU nations narrowed slightly to £6.67bn. | |
| The pound was ahead against the dollar after the ONS data announcement, with sterling strengthening by 0.44% against the greenback. |