UK’s current trading position worsens
Britain’s trading position with the rest of the world has deteriorated, the latest figures from the Office for National Statistics (ONS) show.
The current account deficit increased to £14.5 billion in the first quarter 2013 from £13.6 billion in the fourth quarter 2012.
The deficit on trade in goods was £26.5 billion compared with £28.0 billion the previous quarter. Exports rose by £0.9 billion, while imports fell by £0.5 billion.
The deficit on oil narrowed by £2.9 billion to £2.2 billion, but this was partially offset by a wider deficit in manufactured goods.
The trade in services surplus was £20.4 billion in the first quarter an increase of £0.7 billion on the previous quarter. Exports increased by £0.9 billion to £49.4 billion and imports increased by £0.3 billion to £29.0 billion.
2012
The current account deficit for 2012 has been revised upwards by the ONS to £59.2 billion against £22.5 billion the year before. The 2012 deficit is the worst figure on record — the previous record was £40 billion in 2010, according to the ONS, after annual revisions have been taken into account.