Mubasher: The UK’s trade balance deficit expanded markedly in January, driven by a rise in car, aircraft, and fuel imports.

Deficit grew by GBP 0.6 billion between December 2017 and the first month of 2018, data by the country’s Office for National Statistics (ONS) showed on Friday.

Over the three months ended January, deficit reached GBP 8.7 billion, up GBP 3.4 billion from the previous three months, and GBP 0.4 billion in the same period of the previous year.

This expansion was mainly backed by an increase of GBP 1.3 billion in imports from non-EU countries and a GBP 1.2 billion decrease in exports to these countries, according to the ONS data.

By 11:26 am GMT, the GBP/USD pair edged up 0.04% to $1.3816.