Official data showed the UK’s trade deficit falling slightly in March, down from £3.391bn in February to £3.130bn. The deficit in goods fell from £9.165bn in February to £9.065bn while the surplus in the services sector rose.
Markit chief economist Chris Williamson said that exports were boosted by the weakness of sterling. “Both official and survey (data) therefore paint an encouraging picture of the UK gaining market share in overseas markets, suggesting the economy is showing signs of rebalancing away from domestic consumption to export-led growth,” he said.
”Goods exports jumped 4.9%, the strongest monthly rise since May of last year, while imports rose a more modest 3.2%.”
This material is protected by copyright Ken Hurst 2013.