S&P GSCI PRECIOUS METALS INDEX (Alliance News) - The UK saw a sharp drop in goods imports in January, official data showed on Friday, as exports edged lower.
The UK Office for National Statistics released figures on the country's balance of payments with the rest of the world.
The value of goods imports fell 8.7% to GBP50.8 billion in January from the month before, or by 9.3% after accounting for the effect of inflation.
Exports of goods fell 1.8% to GBP31.6 million, or by 1.0% account to inflation.
This resulted in a trade in goods deficit of GBP19.3 billion, narrowed by GBP4.3 billion from December.
"Lower gas prices reduced fuel imports in value terms from non-EU countries; when the effect of inflation is removed, fuel imports increased," ONS said.
In the three months to January 2023, the total trade in goods and services deficit - excluding precious metals - widened by GBP3.5 billion to GBP27.6 billion, as exports fell by more than imports.
By Elizabeth Winter, Alliance News senior markets reporter
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