British official trade deficit falls to four-year low

Britain's trade-in-goods deficit narrowed in February to hit the lowest level for nearly four years, as exports rose by the fastest pace since 2003, official data showed yesterday.

The deficit improved to £6.2 billion (€7 billion), in February - which was the smallest shortfall since June 2006, the Office for National Statistics said in a statement.

The performance compared with an upwardly-revised deficit of £8.1 billion in January.

Analysts had expected the February deficit to narrow to £7.3 billion, according to analysts polled by Dow Jones Newswires, while the January figure was previously put at £8 billion.

The ONS added that exports surged 9.5 per cent to £21.3 billion in February in the sharpest increase since January 2003. Imports eased 0.1 per cent to £27.5 billion.