UK's current account deficit cut
The UK’s trading position with the rest of the world improved somewhat in the first quarter of 2018.
The UK’s current account deficit was £17.7 billion in the January-March quarter — a narrowing of £1.8 billion from the revised deficit of £19.5 billion in final quarter of 2017.
A narrowing in the trade deficit from £5.7 billion to £3.8 billion helped cut the current account deficit.
The trade in goods deficit in first quarter was £31.2 billion, compared with a deficit of £34.9 billion in final quarter 2017, helped by imports decreasing by £2.3 billion to £119.2 billion and exports increasing by £1.4 billion to a record £87.02 billion
Meanwhile, the trade in services surplus narrowed by £1.8 billion to £27.4 billion in the first quarter of 2018.