• The UK trade deficit on goods and services was £2.9bn in December 2014, compared with £1.8bn in November 2014.
  • In December 2014 there was a deficit of £10.2bn on goods, partly offset by a surplus of £7.3bn
  • In 2014 the total trade deficit rose to £34.8bn, the largest deficit since 2010.

Commenting on the trade figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“After a welcome pick up in the past two months, it is disappointing that our trade position weakened in December. While monthly figures can be erratic, the longer terms trends are still concerning – the deficit widened to a four year high in 2014 and exports fell more significantly than imports.

“We are clearly not making adequate progress in rebalancing our economy, and the weakening of the Eurozone is creating problems for our exporters. Much greater efforts are needed to develop a national strategy for boosting exports, with improved access to finance for growing firms.”