The Chinese export data grabbed all the headlines today. The 25.7 per cent fall in exports in February was truly shocking; much higher than anyone had expected. The global economic crisis is beginning to wreck world trade.
The ONS also published UK trade data for January. While UK exports didn't fall off a cliff like those in China; a strong downward trade is emerging. Since last summer, export earnings are down 9.6 percent; despite the huge sterling depreciation.
Imports are also down by around 10 percent. Ominously, the UK is doing its bit to reduce Chinese exports.
Interestingly, the UK deficit in goods and services remains broadly unchanged.