ECONOMISTS have said that slowing consumer spending has helped drive the UK's trade deficit to its lowest level since October 2005.
The trade gap with the rest of the world narrowed from £6.9 billion to £6.2 billion in January, the Office for National Statistics said.
The 5.3 per cent fall in import volumes was the highest month-on-month fall since June. Consumers have had to contend with three interest rate rises from the Bank of England since then.
Experts said the import falls could reflect slowing consumer demand.
HSBC economist Karen Ward said: "The trade deficit narrowed not because UK producers managed to export more goods but because households consumed fewer imports."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article