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Britain's trade gap narrows

May 10, 2013 at 9:30 AM

LONDON, May 10 (UPI) -- Britain's Office for National Statistics said the national trade gap for goods narrowed slightly from $14.08 billion in February to $13.9 billion in March.

The decline was in line with forecasts with the gap shrinking despite a slightly larger trade gap in oils and other fuels.

ONS said the larger trade gap in petroleum products was a return to more normal levels after a smaller-than-average gap in January and February.

Exports of goods in the first quarter of the year rose by 1 percent, while imports were "virtually unchanged," the statistics office said.

Through the first period, the gap in energy products allow narrowed by $3.7 billion, due largely to a decline in imports, ONS said.

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