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Today UK trade statistics were published from office of national statistics (ONS), which showed current account deficit widened, especially in goods and with EU.
Key highlights -
- UK's deficit on trade in goods and services widened to £2.9 billion in February 2015, compared with £1.5 billion in January 2015.
- Deficit in goods accounted for £10.3 billion however it was partially offset by surplus of £7.5 billion on services.
According to ONS, latest increase in goods due to reduction in exports to US mainly of manufacturing and chemical goods.
- Stronger pound against other European Union counterparts led deficit within EU to record high of £21.1 billion, for three months till February. UK's export of EU fell 5.6%, largely due to oil.
No wonder, policymaker at Bank of England (BOE), worries on pound strength.
- Current account to GDP ratio in UK stands at record low, close to -5.5% of GDP. Lowest in at least 35 years. Chart courtesy, Trading economics.
- UK's terms of trade an indication for price levels of exports compared to imports hovering close to 2009 levels.
BOE officials might go for actions to push pound downwards, should it maintain strength especially against EU counterparts and inflation still remains in negative territory. However not much is expected prior to election on May 7th.
