In January, due to record-breaking imports, Britain’s foreign trade deficit grew, while the growth in manufacturing was lagging behind expectations, but it has risen for the ninth consecutive month – the UK National Statistical Office published on Friday (Office of National Statistics) .
In January, the United Kingdom’s foreign trade deficit of 3.02 billion pounds was up 0.6 billion pounds, up from $ 2.492 billion in the previous month.
The deficit above the previous month was mainly due to higher aircraft and vehicle imports from non-EU countries and higher volumes of petroleum products imported from EU countries.
Import rose 2.6 percent to 56.72 billion pounds, to record highs in January from 55.28 billion in December.
Great Britain exports goods and services in January to 53.65 billion pounds, a 1.6 percent increase from 52.78 billion in December. Exports of goods rose by 3.1 percent, the services did not change.
Industrial output grew 1.3 percent in January compared to the previous month, equalizing the 1.3 percent decline in December. However, January’s growth lagged behind 1.5 percent market expectations.
The biggest increase was due to mining industry production, 23.5 per cent due to the reopening of the Forties oil pipeline. In December, the shutdown of pipeline deliveries declined 19.1 percent in mining production in December.
Within industrial production, manufacturing output grew 0.1 percent in January compared to the previous month, following the 0.3 percent growth in December. The market expected a 0.2 percent increase in January.
Manufacturing production, coupled with an increase in expectations, was in line with the monthly increase in the ninth month of January, which is the longest continuous period since the beginning of the records fifty years ago.
Growth is, however, losing momentum as growth in manufacturing growth was 0.9 percent in the three months to January, which has been the lowest since mid-2017.
Construction output fell by 3.4 percent in January compared with December, when 1.6 percent was up on the previous month. Since January 2012, the largest decrease in construction production has been since June 2012. The production of the building industry decreased mainly due to the decline in housing construction.