Skip to main content

Currency Markets

UK Trade Balance Widens As Global Economy Stalls

C

Christopher Gutfreund

Founder · 09 April 2020

Currencies Covered:

GBP

Exports tumbled 5.8% to a nine-month low, primarily due to a significant drop in goods shipments and a smaller decline in service exports.

Thursday 9th April 2020 - 09:07 (BST)



Figures released by National Statistics have shown the UK trade deficit on goods widened sharply over to £-11.49B in February, compared to £-5.76B in January and missing the market expectation of £-6B.

Exports tumbled 5.8% to a nine-month low, primarily due to a significant drop in goods shipments and a smaller decline in service exports. Conversely, imports rose 3% on the back of an increase in goods purchases and significant demand for medical supplies. The numbers were not entirely unexpected with many commercial flights still grounded, Europe and the US struggling to contain the outbreak of Covid-19, and China only a few weeks out of their own lock-down.

The pound initially fell on the back of the news but with reports of Boris Johnsons continuing recovery, combined with better than expected industrial and manufacturing production numbers, GBP continued to move away from its mid-week slump.

← BACK TO MAIN DESK

FROM THE DESK

More worth reading

Currency Markets

US Payrolls Beat Forecasts as Fed Pause Bets Build

The unemployment rate held steady at 4.3%, while March's payrolls figure was revised higher to 185,000 from 178,000, marking the first back-to-back monthly g…

08 May 2026Read →

Currency Markets

ECB Holds Rates at 2% as EU Inflation Climbs and Growth Stalls

The European Central Bank kept its benchmark deposit rate on hold at 2.0% today, opting to wait out a sharp pick-up in headline inflation while activity acro…

30 Apr 2026Read →

Have a question about what you just read?

TEL +44(0)161 250 3375
Regulatory|Privacy|Complaints|Briefing|Contact
ICO No. ZA532056 | Company No. 11973815
Adamson House, Towers Business Park, Didsbury, Manchester M20 2YY

© 2026 Medlock & Thames™

UNITED KINGDOM END CUSTOMERS: Payment and e-money services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: 1 Sheldon Square, London, W2 6TT, United Kingdom. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) | UNITED STATES END CUSTOMERS: Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here: https://usa.visa.com/legal/visa-global-services-licenses.html VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041 | EEA END CUSTOMERS: The issuance of e-money and the provision of related payment services for Medlock & Thames are provided by CurrencyCloud B.V. CurrencyCloud B.V. is registered with the Dutch Chamber of Commerce in the Netherlands under number 72186178. Registered office Mr. Treublaan 7, 1097 DP, Amsterdam, Netherlands. CurrencyCloud B.V. is licensed and regulated by De Nederlandsche Bank as an Electronic Money Institution (Relation Number: R142701). https://www.currencycloud.com/legal/terms/ | Medlock & Thames’ payment and foreign currency exchange services are provided by Global Currency Exchange Network Ltd T/A GC Partners. Global Currency Exchange Network Ltd is authorised by the FCA under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, regulated by HM Revenue & Customs (“HMRC”) under the Money Laundering Regulations 2017. (Registration number is 12137189). Registered in England and Wales. Company number 04675786. Registered Office 3rd Floor 100 New Bond Street, London, England, W1S 1SP.