MNI BRIEF: UK Dec Trade Deficit Narrows, Lifts Q4 GDP

The UK trade deficit narrowed to GBP6.536 billion in the final quarter of the year, from GBP15.789 billion in the third quarter, adding 1.62 percentage points to the 1.0% growth in total output, the Office for National Statistics said Friday. The trade gap narrowed slightly to GBP2.337 billion in December, from a revised 2.586 billion in November. The November reading was revised from a surplus of GBP626 million, largely due to amendments in the trade of non-monetary gold.

Exports rose by 1.5% in December, while imports increased by 0.9%.

Non-EU imports outpaced inward shipments from the EU for the 12th straight month, with the gap rising to a 2021 high of GBP4.1 billion. Much of the gap was powered by increasing non-EU imports of fuel, particularly gas from Norway.