The deficit of trade in goods and services for March 2014 was £1.3 billion, compared with a deficit of £1.7 billion in the previous month. The deficit on trade in goods was £8.5 billion in March 2014; the trade position reflects exports minus imports.
Exports of goods increased by 4.9% between February and March 2014 to £24.6 billion reflecting an increase in exports of finished manufactures which increased by £0.6 billion. This increase was spread fairly evenly within finished manufactures, however exports of jewellery and exports of cars were the most significant movements, rising by £0.2 billion and £0.1 billion respectively. Imports of goods for the same period increased by 2.8% to £33.1 billion. Again, the rise reflects an increase in the import of finished manufactures, specifically imports of aircraft which rose £0.3 billion from the previous month.
In March 2014, exports of goods to countries within the European Union (EU) increased by £0.7 billion to £12.3 billion; £0.6 billion of this increase was attributed to trade in oil. Imports from the EU increased by £0.1 billion to £17.6 billion. A £0.3 billion increase in imports of semi manufactures (primarily chemicals) was almost entirely offset by a £0.3 billion fall in imports of fuels.
In March 2014, exports of goods to countries outside of the EU increased by £0.4 billion to £12.4 billion. Imports from countries outside of the EU increased by £0.8 billion to £15.6 billion.
The deficit on trade in goods narrowed by less than £0.1 billion to £26.7 billion in Q1 2014, compared with the previous quarter. Exports of goods decreased by £2.8 billion to £72.0 billion in Q1 2014 reflecting a fall in exports of manufactured goods of £2.3 billion; £1.2 billion of this decrease is attributed to exports of finished manufactures, specifically aircraft. Imports of goods decreased by £2.8 billion to £98.7 billion in Q1 2014. Imports of manufactured goods accounts for £1.4 billion of this fall; £1.0 billion of which is attributed to imports of semi-manufactures (chemicals and materials). Imports of fuels (specifically oil) contributed a further £0.8 billion to the decrease.
Source: Office for National Statistics
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