The United Kingdom had its first quarterly trade surplus in at least two decades during the October-December period of 2019, data from the Office for National Statistics (ONS) released on Tuesday revealed.
The UK achieved its first positive quarterly change of goods and services since 1988 after turning from £-3.38 billion in the third quarter to £5.89 billion in the fourth quarter.
This surplus was the result of a rise in exports of around £10 billion at the same time as imports fell by about £5 billion. Also, services imports increased in the fourth quarter and exports fell, reducing the regular surplus from £26.1 billion to £20.95 billion.
In the same vein, the merchandise trade deficit fell to £15.06 billion in the three months to December, compared to £29.4 billion in the third quarter of last year.
In total in 2019, the UK’s goods trade deficit was £129.6 billion, down from £139.3 billion in 2018.
Earlier today, a spokesman for British Prime Minister Boris Johnson said the British prime minister was expected to make the cabinet reshuffle on Thursday, adding that a cabinet meeting would be held on Friday.
Meanwhile, the British pound trader higher against the U.S dollar at 1.2936 after
hitting a peak of 1.2942.