The deficit of trade in goods and services for February 2014 was £2.1 billion, compared with a deficit of £2.2 billion in the previous month. The deficit on trade in goods was £9.1 billion in February 2014; the trade position reflects exports minus imports.
Exports of goods decreased by 1.6% between January and February 2014 to £23.5 billion. Imports for the same period decreased by 2.2% to £32.6 billion; roughly three-quarters of this movement is attributed to a fall in the import of erratics, which decreased by 34.5% from the previous month. Erratics are defined as ships, aircraft, precious stones and silver. Removing the impact of erratics, specifically imports of aircraft which decreased by 46.3% from the previous month, imports decreased by 0.6% between January and February 2014.
In February 2014, exports of goods to the European Union (EU) decreased by £0.3 billion to £11.7 billion; of which £0.3 billion was attributed to fuels and in particular, trade in oil. Imports from the EU increased by £0.3 billion to £17.8 billion, mainly due to imports of finished manufactures which rose £0.2 billion from the previous month.
In February 2014, exports of goods to countries outside of the EU decreased by less than £0.1 billion to £11.9 billion; an increase of £0.2 billion from exports of fuels was offset by decreases in all other key commodities. Imports from countries outside of the EU decreased by £1.0 billion to £14.8 billion. The decrease reflects falls in imports of finished manufactures (specifically aircraft) and imports of fuels (specifically oil).
The deficit on trade in goods narrowed by £3.0 billion to £26.2 billion in the three months ending February 2014, compared with the previous three months. Exports of goods decreased by 2.5% to £72.7 billion in the latest three months. Imports of goods decreased by 4.7% to £99.0 billion in the latest three months.
Source: Office for National Statistics
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