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U.K. trade deficit rose to £10.2 billion in December | 06.02.2015


The U.K. Office for National Statistics (ONS) released trade data on Friday. The U.K. trade deficit increased to £10.2 billion in December from £9.3 billion in November, missing expectations for a deficit of £9.0 billion. November's figure was revised down from a deficit of £8.85 billion.



The increase was driven by higher oil imports. Imports rose 2.7% in December as oil imports climbed 37.0%.



Exports were up 0.1% in December.



The deficit on trade in goods with EU nations declined in the previous month, while that with non-EU nations rose. A stronger pound and the sanctions on Russia weighed on exports.



In 2014, the overall trade deficit widened to £34.8 billion, the largest deficit since 2010.

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