S&P GSCI PRECIOUS METALS INDEX (Alliance News) - The UK's trade deficit widened in the final quarter and month of 2022, as imports rose and exports fell, official data showed on Friday.
The UK Office for National Statistics released figures on the country's balance of payments with the rest of the world.
The value of goods imports rose 2.9% or by GBP1.6 billion in December, or by just 1.5% when accounting for the effect of inflation.
"Gas prices increased sharply in December 2022, contributing to a large increase in the value of gas imports from Norway," ONS said.
Exports fell by GBP800 million, or 2.3%, in December, due to a fall in exports to non-EU countries. Excluding inflation, total exports fell by 0.3%.
The fourth quarter total trade in goods and services deficit - excluding precious metals - widened by GBP2.4 billion to GBP26.8 billion. The deficit was driven by lower exports of goods and services, ONS said.
The goods deficit, excluding precious metals, widened by GBP1.0 billion to GBP64.0 billion, while the services surplus narrowed by GBP1.4 billion to GBP37.2 billion.
On an annual basis, the annual trade in goods and services balances - excluding precious metals - widened by GBP85.3 billion to a GBP108.0 billion deficit in 2022 from the year before. This was driven by import values, which increased 33%.
By Elizabeth Winter, Alliance News senior markets reporter
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