The UK's global trade in goods deficit hit a record STG34.312bn in 2002, according to figures released today by National Statistics (NS). In December, the deficit narrowed to STG3.012bn from a STG4.129bn deficit the previous month. For Q4 2002, however, the deficit on trade in goods widened to STG10.742bn from STG8.824 l in the third quarter. The fourth quarter figure represents a record deficit since the series began in 1697, while exports during the fourth quarter were the lowest since the fourth quarter of 1999.
Excluding oil and erratics, the trade deficit narrowed to STG3.338bn in December from a STG3.903bn shortfall the previous month. Total exports rose by 3.7pc on the month while imports fell by 3.2pc. Exports to EU countries were down 3.1pc, while exports to non-EU countries rose by 14.7pc - the highest since records began in 1697. NS reported that the UK's goods trade balance with EU countries widened to a deficit of STG1.025bn, compared with a STG1.014bn deficit the previous month. //www.fxcentre.com