UK trade deficit hits record high in December

| February 9, 2011 | 0 Comments
”UK

The Office for National Statistics (ONS) has today revealed the UK’s trade deficit hit a record high in December - fuelled by a sharp rise in imports of aircraft.

According to the ONS, the goods trade gap widened to £9.247 billion in December from a revised £8.460 billion the previous month.

The December figure represented the biggest deficit since monthly records began more than 30 years ago and much higher than expectations of a widening to £8.6 billion.

However, the swelling in the deficit was attributed to the disruption at airports and ports due to the severe wintry weather during the month.

December was Britain’s coldest in a century and the big freeze forced many airports to close.

Meanwhile, the ONS said imports rose 3.5% in December on the month - outperforming a 1.5% gain in exports.

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