U.K.'s trade deficit widens to 5-month high in February

The Office for National Statistics (ONS) data published on Friday showed that the U.K.'s visible trade balance widened in February to -£12.46 billion from -£11.98 billion (revised) in the previous month. Britain's deficit in goods and services, the gap between exports and imports, expanded by £700 million on the month to £3.7 billion ($4.62 billion) compared with GBP3 billion in the previous month.

The increase was triggered by a jump in imports of non-monetary gold and aircraft, with total exports falling by £400 million and total imports rising by £300 million. Stripping out erratic items such as ships, silver, aircraft and precious stones, the ONS said the trade deficit shrunk to £2.5 billion in February from £3 billion the month before.

But excluding erratic items such as non-monetary gold and aircraft equipment, the trade picture improved, government statisticians said, as imports fell more than exports.