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).
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