By Jonathan Davies

The UK's trade deficit for the whole of 2014 reached £34.8bn after a significant fall in exports, according to the Office for National Statistics (ONS).

The record trade deficit is £37.1bn, recorded in 2010.

The ONS said the widened deficit was largely due to a £14.6bn fall in exports. There was also a £7.3bn fall in imports, the first annual decrease since 2009.

The UK’s deficit on trade in goods and services was estimated to have been £2.9 billion in December 2014, compared with £1.8 billion in November 2014. This reflects a deficit of £10.2 billion on goods, partly offset by an estimated surplus of £7.3 billion on services. The widening of the overall deficit mainly reflects an increase in the import of goods from countries outside of the European Union (EU).

Join us on
Follow @freshbusiness