Rising Oil Prices, Higher Fuel Imports......>

UK DATA: Rising Oil Prices, Higher Fuel Imports Widens Trade Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

-UK Jan Total Trade Deficit Stg3.074bn Vs Stg2.492bn in December 

-UK Jan Global Goods Trade Deficit Stg12.325bn Vs Stg11.771bn in Dec

-UK Q4 Total Trade Deficit Revised Dwn To Stg7.770bn Vs Stg5.067bn in Q3

------------------------------------------------------------------------

Against the market consensus, the UK trade deficit widened by 

stg0.6bn to stg3.1bn in January from a downwardly-revised stg2.5bn in 

December. Markets had priced in a narrowing of stg1.6bn. The month's 

move was courtesy of a 3.5% m/m (stg1.4bn) increase in the trade of 

imported goods - fuel from EU countries and aircraft and cars from 

non-EU countries. The ONS could not confirm whether the weakening in the 

oil deficit was linked to the Dec Forties closure. The Q4 trade deficit 

was revised down by stg3.0bn, after downward revisions to goods imports 

and upward revisions to services exports. This meant the sector likely 

dragged 0.5pp on Q4 GDP growth, revised up from 0.7pp previously.